submitted over 5 years ago by pheni11
- The article discusses the potential impact of Facebook's digital currency, Libra, on Africa.
- Facebook aims to allow users to make digital payments through its apps using Libra, which could disrupt traditional remittance services in Africa and provide easier access to financial services.
- However, concerns about security risks, government regulations, and Facebook's past practices raise questions about the long-term implications of relying on Libra in Africa.
It's funny that when I first learnt of Libra, I really didn't think of it as something that can be a big deal in the African financial market, in fact, I haven't greatly thought of it at all. After reading this article, coupled with some thoughts I've managed to have, I can categorically say that's there a fine prospect here. One area, as it has be highlighted in this article, is in the aspect of reducing the massive rip off by financial institutions when trying to send money to Africa, a thing that has led Africa to hold the record as the most expensive continent in this respect. So, Libra might be just what Africa needs right now.
The Facebook Libra is a well-thought out solution to an African Financial market already bedeviled by cash remittance problems that has seen Sub-Saharan Africa become the costliest place to send money in the world. However, some of the points raised in this about the the usage of Libra across Africa are very valid. I am particularly worried about Facebooks lack of oversight over the platform itself much more tying in my finances. The recent data breaches, account hacks and influence of the platform on the last American elections and house hearing on the matter exposed a lot of deficiencies about the platform. Another issue of worry is the fact that all over the world Facebook, Whatsapp and Instagram have been down on several occasions recently, in some cases for as long as a day, leaving businesses that rely heavily on these platforms stranded. That does not bode well for a company that wants adopters of its new currency feel safe. I don't want to be stranded because of stuffs like this. Though I know this will be eventually adopted as Facebook wants to be much more different from the unregulated Bitcoin, it still worries me as of now to put my money in the hands of a deeply unstable company whose true intentions at times are not clear.