Facebook is a famous social networking site that connects people from around the world without disclosing some of the personal details (optional though as many prefer to disclose). Ever since Facebook has stepped up the social networking realm, it has taken social networking to a different level. From introducing your friends to having to pictures, creating albums, diaries and now to getting into your wallet it has included all that is possible. Yes, you have heard it right!
Lately, the Social media topper is expected to reveal its own Cryptocurrency that has been variously called as Libra and GlobalCoin. Nevertheless, unlike the other Cryptocurrencies, the newly created Cryptocurrency will not have been founded in the spirit of libertarianism outside the backing of established and conventional authorities. Instead, it seems that Facebook has the endorsement of over 12 corporations from PayPal to Uber, Visa and Mastercard.
Since the corporations have risen to prominence over the past decade, the cryptocurrencies have conjured up visions of a wild west of finance, where the values fluctuate wildly and terrorists and drug dealers come breaking in. Facebook’s new venture seems to be somewhat removed from that image as the Reports suggest that the new currency will be overseen by a group of companies that have each invested some $10m to join a consortium and as well as administer it. Another indication has been spotted that the Facebook‘s Cryptocurrency will be different from its predecessors due to the fact that it will be pegged to a number of government-issued currencies, in order to avoid the vast value fluctuations that have dogged other digital currencies or Cryptocurrencies.
Facebook‘s latest Cryptocurrency project is expected to cost $1 billion and has been in the development phase for a year now. It should be enabling the 2.4 billion monthly users of Facebook to change dollars and other international currencies to the Cryptocurrencies. The currency can then be used to purchase goods on the internet and shops and also in various other outlets or to transfer money without the requirement for a bank account.
Mark Zuckerberg, the founder of Facebook has met the governor of the Bank of England, Mark Carney, and the previous month to talk about his plans, and has also discussed the matter with the US Treasury officials. Zuckerberg has said in April in the company’s developer conference:
It is expected that Facebook will focus to shatter the poor image of cryptocurrencies, which were initially broadly used by cyber criminals to make transactions on the dark web. It has also been reported that Facebook will not directly control the Cryptocurrency but that some members of the consortium will act as “nodes” within the system that can give the green light to all the transactions. Reports also suggest that hotels website Booking.com and the payments technology company Stripe have signed up for Facebook‘s project. It is expected by the fans and the followers that Facebook will release a briefing on the new Cryptocurrency this week.
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