What Facebook's Cryptocurrency Means: 6 Predictions

Facebook reportedly launching new cryptocurrency in June

The cryptocurrency is expected to be used by merchants to process transactions on the social network, and TechCrunch also reports that the company might even set up physical devices as ATMs to make it easy for consumers to buy some of its digital currency. In terms of what is known about Facebook's Libra, TechCrunch notes that the cryptocurrency is expected to be pegged to a set of currencies instead of a single one, such as the US dollar.

Talking to the German reporter at Money20/20 Europe, McCracken revealed the whitepaper of Facebook's much-discussed cryptocurrency will be published on June 18.

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 move aligns with Facebook's push into e-commerce. Thus, Facebook will be under pressure to share these funds to users. The company also announced a checkout feature for Instagram in March.

Messi beats Ronaldo in 2019 Forbes rich list
The annual top 100 list complied by Forbes Magazine features 10 sports and athletes from 25 different countries. The 25-year-old earned NZ$36.7 million in salary, with an additional NZ$4.6 million in endorsements.

Facebook's regulatory reporting program will open all sorts of interesting discussions.

Facebook is reportedly planning to ramp up its plans on the launch of its own Cryptocurrency.

Facebook will pay interest to holders of its cryptocurrency, and this will eventually lead to populist calls to repeal corporate subsidies to banks at the heart of the USA banking system. The Information writes that Facebook "has courted dozens of financial institutions and other tech companies to join an independent foundation that will contribute capital and help govern the digital currency". And in February, Facebook hired a team from Chainspace, a blockchain startup - though the CEO of Chainspace, Dave Hrycyszyn, departed after about a month, The Information's report said. According to The Information, chief operating officer, Sheryl Sandberg, and chief financial officer, David Wehner, have expressed reservations internally.

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