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South-east Asia to embrace cryptocurrencies cautiously

Tuesday, July 2, 2019

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.
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