Facebook exec shares details of its Libra cryptocurrency

Facebook reportedly launching new cryptocurrency in June

Laura McCracken, Facebook's Head of Financial Services & Payment Partnerships gives away with the release date of the whitepaper that would be on June 18, 2019, and digital currency will be going live about the same time.

Long believes that Facebook's token will be a "Trojan horse" for Bitcoin, and "will greatly accelerate the pace of teaching people about cryptocurrencies".

"The digital token is created to function as a borderless currency, without transaction fees, and will be aggressively marketed in developing nations where government-backed currencies are 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.

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.

Stability: The currency is also meant to be a token created to have a stable price (stable coin) in order to avoid disparities and fluctuations like we have seen with other cryptocurrencies mostly when they are starting up.

Name: BBC had earlier reported that the public-facing name would be Globalcoin but other posts do claim this to be false with sources like Reuters reporting that Facebook did register a company called Libra Networks in Switzerland for financial purposes.

Facebook intends to market its token in "developing countries", where it will become "a force for good".

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

Facebook is set to launch its new cryptocurrency later this month according to a report in The Information. The node operators could also benefit financially.

The stablecoin could be pegged to the value of a basket of global currencies that will help the virtual currency to remain stable.



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