South-east Asia to embrace cryptocurrencies cautiously

Subject

South-east Asia's stance on cryptocurrencies.

Significance

After Facebook issued a white paper on June 18 on its plans to launch Libra, its new cryptocurrency payment platform, the central banks of Singapore and the Philippines called for more in-depth information.

Impacts

• South-east Asia's response to the rise of cryptocurrencies and other virtual financial instruments will remain uneven.
• Criminal financing via cryptocurrencies is a major concern for Indonesia, Malaysia and the Philippines.
• Social media misuse could rise if Facebook's financial instrument draws in more users.