Many Filipinos are unable to set up bank accounts, which causes them all kinds of financial problems. Young start-up founders see cryptocurrencies as a way to help people without sufficient access to banking services.
The G7 ministers said this week they want to clamp down on cryptocurrencies like Facebook's Libra, arguing new and untested digital coins risk destabilizing international monetary systems. But can they and should they?
Facebook's plan to introduce its own cryptocurrency has come under sharp criticism from many countries. The social media giant announced in June that it would roll out a new digital currency, called Libra, from 2020.
The world's biggest social network has indicated that it wants to move into the payments industry by launching its own cryptocurrency next year. DW looks at what's behind Facebook's not-so-cryptic plan.
A further drop in the value of Bitcoin and other cryptocurrencies has recently left investors nursing heavy losses. Many proponents are holding out for a new breakout, if their digital assets can go mainstream.
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