Jumat, Juni 21, 2019

Libra: Caution Advised Prior to Launch of New Facebook Cryptocurrency

Facebook is planning to launch its new Libra cryptocurrency in 2020, which is set to utilize the popular block-chain technology. Libra is being introduced in a bid to create a simple global financial infrastructure which can be used by everyone. In addition to Libra, Facebook is also planning to introduce Calibra the following year, an e-wallet provider which can be accessed through both WhatsApp and Facebook Messenger.
In response to Facebook’s announcement of the introduction of Libra, Bank Indonesia (“BI”) has refused to pass any comment on the new cryptocurrency prior to its launch and before it has had time to undertake an in-depth analysis. Moreover, Bambang Pratama, a lecturer in business law, is advising the public to wait and see as regards the legality of Libra.
In terms of the current status of cryptocurrencies in general, BI does not acknowledge them as valid legal tender within Indonesia, based on Law No. 7 of 2011 on Currency. Hence, the use of cryptocurrency as a currency within Indonesia should be considered illegal.
For more information on this story, see: “Begini Respons BI Soal Mata Uang Kripto Libra Milik Facebook”.

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Facebook is planning to launch its new Libra cryptocurrency in 2020, which is set to utilize the popular block-chain technology. Libra is being introduced in a bid to create a simple global financial infrastructure which can be used by everyone. In addition to Libra, Facebook is also planning to introduce Calibra the following year, an e-wallet provider which can be accessed through both WhatsApp and Facebook Messenger.
In response to Facebook’s announcement of the introduction of Libra, Bank Indonesia (“BI”) has refused to pass any comment on the new cryptocurrency prior to its launch and before it has had time to undertake an in-depth analysis. Moreover, Bambang Pratama, a lecturer in business law, is advising the public to wait and see as regards the legality of Libra.
In terms of the current status of cryptocurrencies in general, BI does not acknowledge them as valid legal tender within Indonesia, based on Law No. 7 of 2011 on Currency. Hence, the use of cryptocurrency as a currency within Indonesia should be considered illegal.
For more information on this story, see: “Begini Respons BI Soal Mata Uang Kripto Libra Milik Facebook”.

......

Subscribe to read more legal analysis.

Hukumonline Pro Intelligence

Platform AI hukum terpercaya sebagai solusi komprehensif riset Anda

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