Thursday, 19 September 2019

BI Talks about Facebook's Libra and Availability in Indonesia

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Editor:

Petir Garda Bhwana

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  • TEMPO.CO, Jakarta - Bank Indonesia (BI) states that Facebook`s currency Libra may or may not necessarily be an operable means of transaction in Indonesia after it is officially launched in 2020.

    As of now, the social media giant continues to consult with numerous global state authorities regarding their cryptocurrency.

    “So far, they are uncertain whether Libra will be operable in Indonesia or not. But [Facebook] said that they will meet BI if it does become available,” said Erwin Haryono yesterday, Bank Indonesia’s Director of the payment system policy department.

    Erwin said that it is Facebook’s direct official statement following two meetings with BI on the subject. The two Facebook representatives that met with BI were from Singapore and the United States.

    The previous two meetings saw Facebook elaborate on the progress of their cryptocurrency up to discussing the business model adopted by the company.

    “The difference compared to Bitcoin is that it is created out of nothing, such as mining, but Libra is creating money based on 100 percent backup. The term they coined was a stable coin,” said Erwin.

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