Facebook Enters the World of Digital Currency
Today was full of exciting news and technological events, and unexpected surprises, topped by Facebook’s announcement of plans to launch a competitive digital currency for the biotech.
The world’s largest social media platform Facebook has finally shed light on its intention to develop a cryptocurrency. By the beginning of next year, Facebook plans to roll out a digital payment system in a number of countries, and plans to begin testing its own GlobalCoin by the end of this year.
According to the BBC, Facebook has already spoken with Bank of England Governor Mark Carney and will release more details on its crypto ambitions this summer.
Facebook is reportedly planning to roll out its cryptocurrency name GlobalCoin in dozens of countries by the first quarter of next year 2020. In addition, the social media giant plans to test the cryptocurrency by the end of this year. Zuckerberg has probably also met with the US Department of the Treasury to clarify regulatory issues. In addition, the report states that Facebook is actively working on its new project, which is said to “compete with banks.”
GlobalCoin is expected to be published as a “stablecoin” linked to the US dollar or local currencies in order to avoid volatility and speculation. It is also likely to run on a private, centralized blockchain owned and controlled by Facebook, so the GlobalCoin is by no means comparable to Bitcoin, Ethereum or any other decentralized cryptocurrency.
Can Facebook become familiar with finance?
The US Senate and Banking Committee recently wrote an open letter to Mark Zuckerberg asking for details of the project. Concerns centered around the fact that when Facebook publishes a digital currency, people around the world will trade with it. The committee also raised concerns about the topic of data protection on Facebook.
With the recent debacle that Facebook has faced with security breaches and widespread data breaches, the privacy issue seems to be the big question: can you trust Facebook with your own money? Everyone should decide for themselves, but in our opinion they should definitely be no. Even co-founder Chris Hughes has recently called again to smash Facebook as it has uncontrolled power and is out of control.
Mark Zucker, CEO of Facebook, also met with Mark Kearney, the Bank of England ‘s (BOE) president, and Facebook asked US Treasury officials for advice on cryptographic operations and regulatory issues.
Facebook has also been discussed with Brother Winkle Boss, founder of the gimmicky exchange, Gemini. Brother Winkleboss is a Facebook fan who has also sued Zorcover for stolen their social network idea.
Facebook has reportedly been promoting the ” Libra ” project, a digital money network, at the end of last year.
This is in conjunction with banks and brokers to allow people to convert US dollars or other international currencies to Facebook’s digital coin.
Facebook has refused to comment on these reports but told CNN that they are looking for a variety of ways to use block-chain technology.
CNN, however, said that “Facebook is getting more and more evidence that it will soon be entering the cryptographic market,” he said, noting that the money he sent last month should be as easy as sending a photo.
The company has also recently announced that it will significantly increase its staff in London and Dublin, which will be responsible for the billing business of its subsidiary Watts App, and has introduced shopping features to purchase merchandise in photo-sharing application instantograms.
Facebook Enters the World of Digital Currency - /10
Today was full of exciting news and technological events, and unexpected surprises, topped by Facebook's announcement of plans to launch a competitive digital currency for the biotech, along with a series of news in the world of space, the following highlights the most important news.