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  1. #1
    vardan's Avatar
    vardan is offline Private Member
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    There have been a lot of rumours about Facebook's cryptocoin, but it seems to be real now: https://www.bbc.com/news/business-48383460. I think it will be really good impuls for the whole ctyptocurrency market.

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    universal4's Avatar
    universal4 is online now Forum Administrator
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    This is interesting in many ways and is most likely one of the reasons why they banned crypto ads on their sites earlier this year.
    https://www.bbc.com/news/technology-42881892

    Since they will be partnering with banks directly, and setting up their own payment systems, I would think they will need to follow KYC rules, which will certainly tie facebook account data to real name and identity information. From the launch article
    Facebook has also discussed the process of identity checks and how to reduce money laundering risks with the US Treasury.
    Obviously some people that use digital currency more for anonymity may hold back using it somewhat, but many also think that facebook can not do any wrong and follow most things they do blindly, but only time will tell if they will have a more successful launch this time around.

    This could also be what is needed for more general acceptance of digital currency overall in the open marketplace.

    Rick
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  4. #3
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    It's going to be a "stable-coin" (pegged to fiat currencies) ... supposedly for use in a dozen countries on the facebook platform.
    If I'm honest I don't see this as anything more than a limited use token - and little more than electronic money.

    I realise that they call it crypto - and it will use a blockchain - but honestly it's hardly a game changer.
    It feels more like an e-wallet like neteller paypal or skrill - and I think THAT is the target market that facebook want to annex.

    Good for crypto I guess - blazing a path for getting governmental acceptance for a token - and more widespread crypto exposure.

    I found this interesting in that BBC article ... underlining that this really is just e-wallets in new clothing.

    Will it be second time lucky?It's not the first time Facebook has dabbled in digital currencies. A decade ago, it created Facebook Credits, a virtual currency that enabled people to purchase items in apps on the social networking site.
    However, Facebook ended the project after less than two years after it failed to gain traction.

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