Economy

Facebook To Unveil White Paper On Cryptocurrency Next Week

Facebook To Unveil White Paper On Cryptocurrency Next Week”

Meanwhile, Long states that Bitcoin's "scarcity", as opposed to the Facebook coin's forthcoming ubiquity, means that "people will migrate over time to the most honest ledger for storing their hard-earned wealth - and that's not fiat currencies or derivatives thereof, including Facebook's cryptocurrency".

The report also claims that Facebook employees can choose to be paid in cryptocurrency tokens instead of hard cash.

Presumably any merchant with an account on these platforms could transact in the cryptocurrency with customers who also have ... Instead, it'll be tethered to actual currency, the USA dollar, reports have claimed, which means that it will always have the same value.

The company declined to comment on the matter. However, TechCrunch now has a report regarding Facebook's upcoming Cryptocurrency.

The token will be initially accepted and used in Facebook's range of products such as WhatsApp, Messenger and Instagram, but Facebook's vision for Libra is an ambitious one, with the company also believed to be planning ATM-like physical terminals. At F8, Facebook's developer conference, the company announced some upcoming shopping features: letting Instagram users buy straight from their favorite influencers; letting businesses put their product catalogues on WhatsApp and letting Facebook Marketplace sellers ship products through the Facebook app, within the contintental USA, to make buying and selling easier.

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Facebook will build its power in global capital markets by using the reach of its foundation.

Secondly, analysts are of the view that although Facebook wants the world to view its currency as decentralized, the currency is not as decentralized as it is being portrayed.

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. It can be recalled that Facebook registered a new financial technology company, Libra Networks, in Geneva, Switzerland, on May 2.

Not everyone at Facebook is as excited for its cryptocurrency venture as Zuckerberg.



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