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Looks interesting on a light skim. However, one key point that is always missing, how will people buy/cash-out this libra currency? Most developing countries ha
by n_ary 7y ago
Looks interesting on a light skim. However, one key point that is always missing, how will people buy/cash-out this libra currency? Most developing countries have transactions going on in cash(unless it is happening in few hundred thousands). You'd be lucky if you see a card-payment machine anywhere except on exotic shops like car-dealership/real-estate/big brand electronics(apple). ATMs are for rich/wealthy class only. There are no debit cards, banks don't give out credit cards to anyone unless they have HUGE middle-class+ transactions/income in bank history. So, how are people going to use these fancy currencies? I have lived and visited developing countries, no paypal, no credit-card, no debit card, no bank transfer, only paper-bills accepted :)
- wmf 7y agoDon't developing countries also have money-changers hanging out everywhere who specialize in things like swapping Libra for cash? I am curious how it works when there is a net inflow into the country though.
- theboat 7y agoWhen everyone accepts libra, there is no need to exchange libra for hard currencies. Facebook, as the owner and operator of the world's largest social network, believes it can create a closed ecosystem where libra is used for many types of transactions.
- slindz 7y agoYou took the high road and subtly left out the level of terror that should inspire. Kudos.
- hypocrazybr 7y agoWhere have you lived/visited? I'm brazilian and almost everyone here has at least a debit card. Some people don't even carry money when they go out. Credit cards are widely used as well.
- mmsimanga 7y agoDeveloping countries use a good deal of mobile banking. Anecdotally mobile payments make up as much as 50% of all transactions. I am typing this on mobile so can't really post links. Search Mpesa and Ecocash for more information. Card processing machines are also becoming pretty common and it is easy to transfer money from you mobile banking account to a card.
- DaTwant 7y agoAgree. Check out China where even beggars are using QR code payment methods (though possibly as a means by payment companies and 'others' to collect data on donators?) https://www.businesstoday.in/current/world/beggars-in-china-go-cashless-but-there-is-more-than-what-meets-the-eye/story/279773.html https://www.businesstoday.in/current/world/beggars-in-china-...