Just in case you are not aware Facebook will soon be venturing into the money business. Yes they want to launch a cryptocurrency called Global coin. This is going to be interesting given the fact that Facebook has faced some issues before in regards to privacy of data, the question is will it manage to handle money?? If I may jog your memory a little bit Facebook was under investigations for a number of its deals where it is alleged that they had shared user information to other Tech-giants, on top of that there was another allegation that political systems harvested data illegally from 87Million users in Cambridge Analytica scandal.
This has been a learning lesson for them as now they are now more committed to data privacy of their users than before. This means that they weathered the storm that would have drowned them to oblivion. With this at the back of the mind Facebook now wants to move in the financial services sector via cryptocurrency known as Global Coin. This will support the payment system within its applications internally and even externally. There has been a stream of reports with BBC indicating that they have had engagements with England and the US treasury. Financial times also reported that they had had conversations with other cryptocurrency exchanges like Gemini. This means that money could be a wider market as all the social media exchanges would utilize this platform.
However Global coin will be totally different from Bitcoin in that it is a stablecoin, secondly it will not be much decentralized as Facebook is likely to limit access permissions and of course this will ride under the block chain technology. I am looking forward to see how this spins out. Cryptocurrency news.
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