Facebook’s Cryptocurrency Will Pay Interest to Users, Predicts Blockchain Regulator

Facebook reportedly launching new cryptocurrency in June

Facebook reportedly launching new cryptocurrency in June

More interestingly, Facebook plans to cede control of the cryptocurrency to an outside foundation The Information reports (via The Verge) to alleviate concerns that one would have to trust Facebook with even more incredibly sensitive data.

According to BBC, Facebook is planning to formally launch its cryptocurrency next year.

If Facebook does push its tokens live, it will be to a user base larger than any cryptocurrency ever before: about 2.3 billion people use Facebook around the world as of the first quarter of this year.

There will also be sign-up bonuses for merchants who accept Facebook's cryptocurrency as payment. Concerns of this nature will be addressed by a foundation that is being set up by Facebook that it ought to govern the digital currency.

In addition, the upcoming currency, which is said to be called GlobalCoin, will not be linked to any single fiat currency, which many speculated it will be pegged to the United States dollar. The report mentions the digital token used by Facebook will work as a borderless currency without transaction fees.

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Facebook will allow users to trade, store, and exchange its stablecoin via its apps such as WhatsApp, Messenger, and Instagram, with possible access through physical ATM-like machines.

Along with the overview, it will also launch a whitepaper explaining the details regarding working of Facebook's on-platform currency. And the main focus for Facebook would be fund transfer via remittance which is to send money home to family members. The company is also working on fraud prevention measures, including "more stringent forms of identity verification", The Information reported.

Here's how Mark Zuckerberg's crypto solution could be forced to pay interest back to its users.

Laura McCracken, Facebook's head of financial services and payment partnerships for Northern Europe said that GlobalCoin would be revealed later this month, saying that a white paper for the token would be published on June 18. According to The Information, chief operating officer, Sheryl Sandberg, and chief financial officer, David Wehner, have expressed reservations internally.

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