[kictanet] Vodafone snubs Libra in favour of growing M-Pesa digital money

Rosemary Koech-Kimwatu chemukoechk at gmail.com
Mon Jan 27 10:17:19 EAT 2020 

Good morning,

I think I would have handled the Libra roll out differently. One of the
best ways to get acceptance in fairly uncharted waters, especially  when
dealing with regulators may be to test your products within the licensing
framework already acquired, Libra already has licences in most if not all
the states in the USA. Then next thing would be to build a community of
users of the product with partnerships being developed along the way. What
this does is that acceptance for the product is developed almost
organically and regulatory limits are increasingly stretched to
accommodate the product. The audacious roll out that was carried out must
have been unsettling especially in regards to a product that had not yet
been widely tested. Every entity that has pulled out of the network is
preserving their regulatory good will. Subtle change faces less resistance!

Kind regards,

On Mon, Jan 27, 2020 at 7:10 AM Ali Hussein via kictanet <
kictanet at lists.kictanet.or.ke> wrote:

> @John Karanja <mauxdatabase at gmail.com>
>
> Distribution will mean nothing if the regulators and policymakers decide
> to declare it illegal.  I know us tech entrepreneurs think we are
> invincible and that regulation and policy mean jack to us. I've come to be
> disabused of that notion. I keep on telling anyone who will listen the
> simple truths of life. One of them is this:-
>
> *"If you are not at the table partaking the lunch, dinner or
> breakfast...guess what? You are on the menu."*
>
> And you can take that to the bank. Pun intended.
>
> Regards
>
> *Ali Hussein*
>
>
> Tel: +254 713 601113
>
> Twitter: @AliHKassim
>
> Skype: abu-jomo
>
> LinkedIn: http://ke.linkedin.com/in/alihkassim
> <http://ke.linkedin.com/in/alihkassim>
>
>
>
>
> Any information of a personal nature expressed in this email are purely
> mine and do not necessarily reflect the official positions of the
> organizations that I work with.
>
>
> On Fri, Jan 24, 2020 at 5:21 PM mauxdatabase via kictanet <
> kictanet at lists.kictanet.or.ke> wrote:
>
>> I don't disagree on Tether et al likelihood of collapse.
>>
>> The Federal Reserve can't match Facebook in terms of distribution
>> globally via the internet (Messenger/Whatsapp/Instagram)  Libra is a more
>> suitable vehicle for the e-dollar, however its created; given China Central
>> Bank is angling to do the same with Tencent and WeChat and their CBDC. My
>> point is there is a scramble for a dominant Internet Currency which is what
>> FB is banking on get Libra approved...
>>
>> On Fri, Jan 24, 2020 at 2:05 PM Mwendwa Kivuva via kictanet <
>> kictanet at lists.kictanet.or.ke> wrote:
>>
>>> There are many claimed dollar fiat collateralized stablecoins (TUSD,
>>> USDT, PAX, GUSD, USDC) and now Libra. Many will end in tears. There is an
>>> ongoing court case already in New York on Tether (USDT) that it is not
>>> backed by $ on one to one as it is claimed, that there is no $$ collateral
>>> to match the claimed value of Tether, and Tether is used to manipulate the
>>> value of cryptocurrencies by pumping the price if BTC.
>>>
>>> My point is, a dollar backed stablecoin is not the same as a Federal
>>> Reserve Bank cryptocurrency. A Federal Reserve Bank cryptocurrency will not
>>> be backed by the dollar because it is the dollar.
>>>
>>>
>>> On Fri, Jan 24, 2020, 12:47 PM mauxdatabase <mauxdatabase at gmail.com>
>>> wrote:
>>>
>>>> Agreed, Libra according to Facebook will largely be backed by USD so it
>>>> is really a Corporate manifestation of the eDollar; plus we are talking
>>>> about a generational play here driven globally by millennial's and younger
>>>> they are looking(demanding) for both convenience and choice.
>>>>
>>>> They will run to whichever e-currency(s) have both, which is why its a
>>>> race...
>>>>
>>>> On Fri, Jan 24, 2020 at 12:05 PM Mwendwa Kivuva via kictanet <
>>>> kictanet at lists.kictanet.or.ke> wrote:
>>>>
>>>>> It will be hard to dislodge the dollar. Federal Reserve Bank cas
>>>>> create a dollar serve stablecoin and tht will end the debate
>>>>>
>>>>> On Fri, Jan 24, 2020, 9:34 AM mauxdatabase via kictanet <
>>>>> kictanet at lists.kictanet.or.ke> wrote:
>>>>>
>>>>>> Libra will probably launch when China rolls-out their digital
>>>>>> currency via TenCent and AliPay.
>>>>>>
>>>>>> Its an inevitability that the Worlds next reserve currency will be an
>>>>>> Internet Currency so the race is on....
>>>>>>
>>>>>> On Fri, Jan 24, 2020 at 8:53 AM Ali Hussein via kictanet <
>>>>>> kictanet at lists.kictanet.or.ke> wrote:
>>>>>>
>>>>>>> @Willis
>>>>>>>
>>>>>>> Facebook went to great lengths to assure partners it won’t control
>>>>>>> Libra. To the extent of creating a consortium with representation across
>>>>>>> the divide. I guess they failed to dispense the fears of regulators and
>>>>>>> policy makers. I’m very convinced that the pressure to leave the Libra
>>>>>>> Consortium came from other quarters other than the reasons being given by
>>>>>>> those who are now bailing out after paying $10 million to join the Libra
>>>>>>> Consortium.
>>>>>>>
>>>>>>> Read more about the Libra Consortium below.
>>>>>>>
>>>>>>> https://techcrunch.com/2019/06/18/facebook-libra/
>>>>>>>
>>>>>>> *Ali Hussein*
>>>>>>> +254 0713 601113
>>>>>>>
>>>>>>> Twitter: @AliHKassim
>>>>>>>
>>>>>>> Skype: abu-jomo
>>>>>>>
>>>>>>> LinkedIn: http://ke.linkedin.com/in/alihkassim
>>>>>>>
>>>>>>> "We are what we repeatedly do. Excellence, therefore, is not an act
>>>>>>> but a habit."  ~ Aristotle
>>>>>>>
>>>>>>>
>>>>>>> Sent from my iPad
>>>>>>>
>>>>>>> On 23 Jan 2020, at 8:50 PM, Willis Muriu via kictanet <
>>>>>>> kictanet at lists.kictanet.or.ke> wrote:
>>>>>>>
>>>>>>> 
>>>>>>> For me, the one major issue was that it was "controlled" by Facebook
>>>>>>> (centralized) unlike Bitcoin (decentralized.)
>>>>>>>
>>>>>>> Another reason, I think, is because it proved to be serious
>>>>>>> competition to the Dollar, and you have heard what happens when you
>>>>>>> challenge the Dollar.
>>>>>>>
>>>>>>> Regards,
>>>>>>> Willis Muriu
>>>>>>> +254 715 530 349
>>>>>>>
>>>>>>> On Thu, Jan 23, 2020 at 6:37 PM Ali Hussein via kictanet <
>>>>>>> kictanet at lists.kictanet.or.ke> wrote:
>>>>>>>
>>>>>>>> Interesting...Most of the incumbent players are one by one
>>>>>>>> abandoning Libra. What gives? Pressure from regulators?
>>>>>>>>
>>>>>>>> Here
>>>>>>>> <https://www.forbes.com/sites/sergeiklebnikov/2019/10/21/here-are-all-the-companies-that-bailed-on-facebooks-libra/#674681de3487>
>>>>>>>> are some of the other companies that have bailed out on Libra. The list
>>>>>>>> includes Visa, Mastercard, Stripe, Mercado Pago and eBay.
>>>>>>>>
>>>>>>>> Pressure from regulators and policy makers is real.
>>>>>>>>
>>>>>>>> Regards
>>>>>>>>
>>>>>>>> *Ali Hussein*
>>>>>>>>
>>>>>>>>
>>>>>>>> Tel: +254 713 601113
>>>>>>>>
>>>>>>>> Twitter: @AliHKassim
>>>>>>>>
>>>>>>>> Skype: abu-jomo
>>>>>>>>
>>>>>>>> LinkedIn: http://ke.linkedin.com/in/alihkassim
>>>>>>>> <http://ke.linkedin.com/in/alihkassim>
>>>>>>>>
>>>>>>>>
>>>>>>>>
>>>>>>>>
>>>>>>>> Any information of a personal nature expressed in this email are
>>>>>>>> purely mine and do not necessarily reflect the official positions of the
>>>>>>>> organizations that I work with.
>>>>>>>>
>>>>>>>>
>>>>>>>> On Thu, Jan 23, 2020 at 4:10 PM Mwendwa Kivuva via kictanet <
>>>>>>>> kictanet at lists.kictanet.or.ke> wrote:
>>>>>>>>
>>>>>>>>> Vodafone has withdrawn from Facebook’s digital currency initiative
>>>>>>>>> Libra, as regulators and bureaucrats circle overhead.
>>>>>>>>>
>>>>>>>>> While Facebook might have become accustomed to sitting in the
>>>>>>>>> regulatory spotlight, it seems other companies are not as accepting of the
>>>>>>>>> attention. In an increasing tsunami of regulatory scrutiny, Vodafone has
>>>>>>>>> become the latest company to withdraw from the Libra initiative, joining
>>>>>>>>> the likes of Paypal and Mastercard.
>>>>>>>>>
>>>>>>>>> “Vodafone Group has decided to withdraw from the Libra
>>>>>>>>> Association,” a Vodafone spokesperson said.
>>>>>>>>>
>>>>>>>>> “We have said from the outset that Vodafone’s desire is to make a
>>>>>>>>> genuine contribution to extending financial inclusion. We remain fully
>>>>>>>>> committed to that goal and feel that we can make the most contribution by
>>>>>>>>> focusing our efforts on M-Pesa. We will continue to monitor the development
>>>>>>>>> of the Libra Association and do not rule out the possibility of future
>>>>>>>>> co-operation.”
>>>>>>>>>
>>>>>>>>>
>>>>>>>>>
>>>>>>>>> https://telecoms.com/501960/vodafone-snubs-libra-in-favour-of-m-pesa/
>>>>>>>>> _______________________________________________
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>>>>>>> platform for people and institutions interested and involved in ICT policy
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>>>>>>> _______________________________________________
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>>>>>>> platform for people and institutions interested and involved in ICT policy
>>>>>>> and regulation. The network aims to act as a catalyst for reform in the ICT
>>>>>>> sector in support of the national aim of ICT enabled growth and development.
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>>>>>> _______________________________________________
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>>>>>> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder
>>>>>> platform for people and institutions interested and involved in ICT policy
>>>>>> and regulation. The network aims to act as a catalyst for reform in the ICT
>>>>>> sector in support of the national aim of ICT enabled growth and development.
>>>>>>
>>>>>> KICTANetiquette : Adhere to the same standards of acceptable
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>>>>>>
>>>>> _______________________________________________
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>>>>> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder
>>>>> platform for people and institutions interested and involved in ICT policy
>>>>> and regulation. The network aims to act as a catalyst for reform in the ICT
>>>>> sector in support of the national aim of ICT enabled growth and development.
>>>>>
>>>>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
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>>>> _______________________________________________
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>>> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform
>>> for people and institutions interested and involved in ICT policy and
>>> regulation. The network aims to act as a catalyst for reform in the ICT
>>> sector in support of the national aim of ICT enabled growth and development.
>>>
>>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
>>> online that you follow in real life: respect people's times and bandwidth,
>>> share knowledge, don't flame or abuse or personalize, respect privacy, do
>>> not spam, do not market your wares or qualifications.
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>> _______________________________________________
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>>
>> Unsubscribe or change your options at
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>>
>> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform
>> for people and institutions interested and involved in ICT policy and
>> regulation. The network aims to act as a catalyst for reform in the ICT
>> sector in support of the national aim of ICT enabled growth and development.
>>
>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
>> online that you follow in real life: respect people's times and bandwidth,
>> share knowledge, don't flame or abuse or personalize, respect privacy, do
>> not spam, do not market your wares or qualifications.
>>
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> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform
> for people and institutions interested and involved in ICT policy and
> regulation. The network aims to act as a catalyst for reform in the ICT
> sector in support of the national aim of ICT enabled growth and development.
>
> KICTANetiquette : Adhere to the same standards of acceptable behaviors
> online that you follow in real life: respect people's times and bandwidth,
> share knowledge, don't flame or abuse or personalize, respect privacy, do
> not spam, do not market your wares or qualifications.
>


-- 
Rosemary Koech-Kimwatu
Advocate
Legal and Regulatory Specialist- Oxygene MCL
Tel: +254 718 181644
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