Facebook May Introduce Its Cryptocurrency In June
Facebook has finally announced the launch of its long rumored cryptocurrency later in this month of June. Facebook’s “Project Libra” includes cryptocurrency which is reportedly aiming just to allow Facebook’s global users to transfer money across borders and to make purchases online. According to the reports from Facebook, they have poised to unveil the token, which can be known as GlobalCoin.
GlobalCoin is basically aimed to allow the users to make transactions with the help of social media platform and can also be used as the payment option for Facebook employees who want to be paid in the form of cryptocurrency. The reports also said that they might further set up many physical portals to let the users purchase the cryptocurrency.
In addition to this, Facebook has also invited several external parties to participate into the support of network in the form of nodes, through which they might charge a high fee of $10 million for the privilege. The company can tap outside firms just to help us in running the system as the blockchain which might be more centralized than the Bitcoins. It can charge the third party firms at a licensing fee of $10 million per partner and the money can be backed up with traditional money to make it remain stable.
The CEO of Facebook, Mark Zuckerberg, on the interview of Harvard Law Professor Jonathan Zittrain in February 2019, said that he was potentially interested in putting every facebook login under the Blockchain technology. Later in the month of May, Facebook started to hire the employees, depending on the cryptocurrency based payments, that includes 2.38 billion users. With its Cryptocurrency, Facebook is currently planning to include bonuses for the merchants that are willing to adopt it.
The social networking giant, Facebook, has also planned set up a group within the company, which is headed by the Messenger chief, David Marcus, to explore Blockchain technology and its potential use for this current platform.
Earlier in the month of June, the company has ignited its discussion about its crypto Stablecoin initiative with the help of US Commodity and Futures Trading Commission (CFTC).
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