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You're absolutely right! This is basically trying to beat WeChat to these markets, but in a less-centralized way. These markets already have a lot of internet

You're absolutely right! This is basically trying to beat WeChat to these markets, but in a less-centralized way. These markets already have a lot of internet access and mobile phones, just not a lot of banking. This is Facebook's fastest growing market right now, by far [1]. The Facebook app (and Whatsapp) is the on-ramp, that's why this is a good play for them. They have early advantage, but not because they have control of the currency, they have control of the initial users. [1] https://www.statista.com/statistics/268136/top-15-countries-based-on-number-of-facebook-users/ https://www.statista.com/statistics/268136/top-15-countries-...

pjc50 7y ago
But what is the last mile plan - you're standing in rural India with a phone and a rupee, how do you turn that into a libra?
- carlosdp 7y ago
  A local enterprising person starts an "exchange bank" that purchases Libra from an "authorized reseller" that is able to mint it by paying money to the Libra Reserve and sells Libra to locals for cash. There are as many ways for them to make a nice business out of that as there are way to make money as a bank, since it basically is one.
  - pjc50 7y ago
    Right, so all of these people are responsible for the KYC/AML compliance and registration as money transmitters or forex dealers? It's not impossible to build this network, Western Union has it, but they will want a cut.
    - carlosdp 7y ago
      Honestly, since we're on HN, I'll point out that this sounds like a potential startup opportunity created for someone to make implementation of compliance easier for these exchanges, at scale.
JMTQp8lwXL 7y ago
It's the fastest growing, but the average ARPU is much less than that of US / Canada.
- carlosdp 7y ago
  Exactly! Why is that? Part of it is lower income per capita, sure. But Facebook and friends did the math and it turns out you can increase that ARPU quite a bit if you give them a way to actually pay for things online, which they largely lack at the moment!

pjc50 7y ago

But what is the last mile plan - you're standing in rural India with a phone and a rupee, how do you turn that into a libra?

carlosdp 7y ago
A local enterprising person starts an "exchange bank" that purchases Libra from an "authorized reseller" that is able to mint it by paying money to the Libra Reserve and sells Libra to locals for cash. There are as many ways for them to make a nice business out of that as there are way to make money as a bank, since it basically is one.
- pjc50 7y ago
  Right, so all of these people are responsible for the KYC/AML compliance and registration as money transmitters or forex dealers? It's not impossible to build this network, Western Union has it, but they will want a cut.
  - carlosdp 7y ago
    Honestly, since we're on HN, I'll point out that this sounds like a potential startup opportunity created for someone to make implementation of compliance easier for these exchanges, at scale.

JMTQp8lwXL 7y ago

It's the fastest growing, but the average ARPU is much less than that of US / Canada.

carlosdp 7y ago
Exactly! Why is that? Part of it is lower income per capita, sure. But Facebook and friends did the math and it turns out you can increase that ARPU quite a bit if you give them a way to actually pay for things online, which they largely lack at the moment!