Nobel Prize winner Muhammad Yunus founded Grammy Bank to help poor people get cheaper loans and escape the fate of poverty.

Libra subverts the financial system

Mark Zuckerberg used virtual currency technology to issue Libra - a stable currency with little fluctuation, backed by reserve currency, equipped with social networks Facebook allows those without bank accounts and outside the traditional financial system to obtain cheap capital and financial services.

The emergence of the Internet and mobile broadband has enabled billions of people around the world to access the world's knowledge and information, high-fidelity communications, and a variety of low-cost, more convenient services.

However, some people are unable to enjoy basic banking services because they have no credit guarantee, lack necessary supporting documents, and are too far from bank branches. It is time to improve the existing financial system.

In China, there are still many people who do not have credit cards, but the popular use of WeChat and Alipay has accelerated our entry into a cashless society. The scale of mobile payment has reached the first place in the world.

However, in developing and underdeveloped countries such as Africa and Latin America, mobile payments and cross-border payments are still very inconvenient. The application of blockchain technology can make the transfer and exchange of value safer and more convenient.

Libra will change developing countries

The Global Digital Report pointed out that the proportion of users of Bitcoin and other encrypted digital currencies in Brazil has reached the top five in the world. Among Brazilians aged 16 to 64, 8.1% own digital currencies, which is higher than the United States, Japan, and the global average of 5.5%.

Brazil, with a population of more than 200 million, is one of the world's most enthusiastic consumer groups on social media. Brazil has the third largest Facebook user base in the world, second only to India and the United States.

91% of Brazilian internet users rely heavily on Whatsapp for daily communication. It is conceivable what a bright market prospect Libra will have in Brazil.

In the absence of government control and serious inflation, African people’s interest in virtual currencies is steadily growing. Africa has a huge demographic dividend and rapid growth in smartphone users. In this young and vibrant market, with a loose government regulatory environment and the absence of local competitors, Libra can make a big difference.

In Mexico, faced with the Trump administration’s crackdown on illegal immigration, high fees and cumbersome operations for SWIFT and Western Union, Libra will change the existing pattern and enable low-cost cross-border transfers.

Summary

Mark Zuckerberg faces Facebook’s accusations of privacy leaks, over-centralization, and single profit model. He hopes to come up with more sincere products to face the public. The issuance of Libra will bring open, instant, low-cost capital flow to the world and realize the promise of "Monetary Internet".

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