4 hours ago
Facebook #cryptocurrency will make #payments in a dozen countries by 2020. #GlobalCoin enable Facebook’s 2.4 billion users to change dollars and other currencies to #buy things, or to #transfer #money without a #bank account. “Payments is one of the areas where we have an opportunity to make it a lot easier,” Zuckerberg told. “I believe it should be as easy to send money to someone as it is to send a photo.” Will we see it on #Instagram buys or #whatsapp #wallet are all hush hush!!! (Zuck, last month met the governor of the Bank of England, Mark Carney, to discuss the plan!!) Facebook is looking for $1bn in funding the project, and held talks with payments giants including #Visa and #Mastercard.
Former PayPal president David Marcus, a board member of #crypto #exchange Coinbase, runs Facebook’s #blockchain initiatives.
GlobalCoin, like a #Stablecoin, peg its value to a basket of established currencies, including the US dollar, the euro and the Japanese yen.
Facebook is also looking at paying users fractions of a coin for activities such as viewing ads and interacting with content related to online shopping (similar to loyalty schemes run by retailers). Regulatory issues and Facebook’s track record on data privacy and protection are likely to prove to be the biggest hurdles to making the currency a success!
DYOR. at London, United Kingdom