Facebook’s Cryptocurrency Will Pay Interest to Users, Predicts Blockchain Regulator

Daniel Fowler
June 12, 2019

While sources previously suggested that the Facebook cryptocurrency was expected to launch in 2020, The Information reported Wednesday that it could hit the digital market this month. This may seem like a starting in-house culture but one that may also get them to personally test out its efficiency in basic transactions. The pioneering project has been entitled "Libra" and it is believed that outside of its own employees, the target market for the cryptocurrency is in developing nations where government-backed currencies are much more volatile. Presumably, any merchant with an account on these platforms could transact in the cryptocurrency with customers who also have accounts - for anything, such as online purchases, and physical-world purchases such as groceries and restaurants.

The project will likely bear the codename Libra as its public facing name.

This has thus raised predictions of the cryptocurrency being named after the company that is, Libra. The aim here is to provide the currency with stability and avoid price fluctuations (what is called a stablecoin). Concerns of this nature will be addressed by a foundation that is being set up by Facebook that it ought to govern the digital currency.

Practicality: The cryptocurrency will not include any charges for transfers especially through Facebook's family apps; WhatsApp and Messenger.

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Administration: The company is working on establishing a foundation independent from the general enterprise to superintend the cryptocurrency.

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 node operators could also benefit financially.

In addition, the upcoming currency, which is said to be called GlobalCoin, will not be linked to any single fiat currency, which many speculated it will be pegged to the U.S. dollar.

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