I believe not. While it is cool that a big company is looking into building something pertaining cryptocurrency I believe a company such as Facebook is not the right company for this job due to their past with privacy and efforts to share information with governments around the world. So what does the cryptocurrency it developing supposed to do? Facebook plans on allowing its WhatsApp users to transfer money through stable coins probably pegged to the dollar or some type of fiat. Source https://www.bloomberg.com/technology
Reasons Why
- Facebook has a long history of privacy intrusion and with more and more people becoming aware of the issue the more people that are leaving.
- Regulations. Our old and yet stubborn friend, the government, might see to it that this might never happen just take a look at Paypal.
- Alternatives. Why will people use a cryptocurrency from a company they don't really trust when there are other alternatives such as Tether, TrueUSD, etc...
- Lack of trust
Conclusion
While I do not like the company Facebook itself I am really interested to see how people will react and if it will be adopted worldwide or just India, and I hope through Facebooks effort of mainstreaming cryptocurrencies/stablecoins more and more companies begin to adopt them.
Make sure to share your opinion down below in the comment section and have a happy Christmas.