BI learns Libra cryptocurrency from Facebook Inc.

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BI learns Libra cryptocurrency from Facebook Inc.

BI learns Libra cryptocurrency from Facebook Inc.

Bank Indonesia (BI) has claimed to study the technical aspects of the Libra cryptocurrency developed by Facebook Inc. Due to several features of the Facebook Calibra scale and digital wallet, authorities have yet to study this feature.

BI Governor Perry Warjiyo said one of the features of the Libra under consideration was distributed ledger technology (DLT). According to its understanding, DLT is a set of digital transaction databases (blockchain) that can be updated automatically.

It's just that, according to Perry, this DLT can represent real assets belonging to cryptocurrency owners.

"Later, this study will be published in time, but we are now looking at the technical details of Libra," he said Thursday (6/20).

Perry said that cryptocurrencies could not be used as a means of payment in Indonesia. This refers to the Currency Law No. 7 of 2011, in which the rupee is the currency to be used for each transaction for payment and other financial transactions on Indonesian territory.

In accordance with the same rules, BI has the right to regulate payment instruments. Therefore, all types of payment instruments in Indonesia must comply with BI regulations.

"There used to be a cryptocurrency called Bitcoin, Bitcoin is not a legal payment tool, and we forbid the financial sector to use it as a legal payment," said Perry.

Previously, Facebook CEO Mark Zuckerberg had announced the emergence of the crypto-silver provider company, Calibra. This financial service enables users to perform transactions on cryptocurrency exchange networks.

In his download, he introduced Calibra's first product, Libra.

Meanwhile, Libra is a global money product supported by blockchain technology. "Libra will be available on Messenger and WhatsApp.We expect that Libra will be launched in 2020," wrote a spokesman for Facebook, Tuesday (6/18).

However, Maxine Waters, chairman of the US Financial Services Committee, asked Facebook to stop developing Libra services. Because Facebook's decision to win cryptocurrency is seen as a growing source of global concerns about the meaning of the digital currency and data security.

"Facebook has data on billions of people and has repeatedly ignored the protection and use of this data," wrote Waters.
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