After having to deal with strong opposition from government over the Libra project, a project that presents Facebook's coin as a threat to the Dollar, Facebook is taking a other approach to launching a digital currency this time around.
According to a report, this pilot by Facebook will be small in scale. It will primarily focus on transactions between individual customers. There could also be an additional option for users to purchase goods and services. This is a much more modest expectation for Facebook’s digital currency than proposed initially in 2019.
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Here is another approach for Facebook to get in the digital currency game, an approach that is less likely to be opposed and a move by Facebook to maintain dominance over social media. Providing payment system to its users is another way of keeping users on the platform.
Obviously this is nothing compare to decentralized social media platform like we have in HIVE, the advantages HIVE has over such a move from Facebook's Diem is HIVE itself is tokenized in various ways, it is just waiting for the masses to find their way here.
There are definitely going to be users of Facebook's Stablecoin, users that either don't care about their data or are unaware of their data being exploited.
All I can see here is we are in for a show of which currency will be most dominant, will it be decentralized cryptocurrencies, CBDC or Stablecoins?
We are no doubt at the beginning of transformation of money and it will be interesting to see how it all pans out but I'm certain the one I prefer (decentralized cryptocurrencies) is here to stay.
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