Facebook may eventually launching its long-rumoured cryptocurrency later in June.
The cryptocurrency, under Facebook’s”Project Libra”, is reportedly aimed at allowing Facebook’s global users to transfer money across boundaries and to make purchases.
With its cryptocurrency, the social media giant will include bonuses for merchants that embrace it.
Given Facebook’s notorious security control, the blockchain would supposedly be”far more centralised” compared to Bitcoins and the corporation could tap external companies to help run the machine.
It would cost the third party companies a licensing fee of $10 million (approximately Rs. 70 crores) per partner and roll that into financing the money with conventional cash to keep it secure.
In a meeting with Harvard Law Professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg stated he was”possibly interested” in putting the Facebook login to the Blockchain tech.
Later in May, Facebook began hiring for its cryptocurrency-based obligations on its stage that has 2.38 billion users.
The social networking giant has also set up a group inside the company, headed by Messenger chief David Marcus, to explore Blockchain technology and its potential use for the stage.
Earlier in June, the Business sparked a talk about its crypto Stablecoin initiative together with the US Commodities and Futures Trading Commission (CFTC).