When it comes to user privacy, Facebook has always been a centre of discussion due to its data collection and usage policies. The regular security slips and the accusations by different bodies of the world are no longer surprising to Facebook.
However, as per the recent report, the social media giant is planning to launch its own Bitcoin-like cryptocurrency. Facebook has already proved many times that their bad phases never affects the productivity of the company and improvements of its product.
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Facebook is Planning to Launch its Own Cryptocurrency
If you remember, we already came across an unusual announcement made by Facebook a few months ago. Though that news only revealed that the social media giant is investing in a Blockchain-based solution, the exact purpose of the project remained unknown.
According to the popular portal Wall Street Journal, Facebook is planning to launch a cryptocurrency based payment system for the billions of users around the world.
Although everything is currently based on reports, the said system is likely to be based a digital currency similar to bitcoin. The major difference would be, unlike bitcoin, it would have a stable value.
As we are already aware that Cryptocurrencies are highly prone to significant value fluctuations. This system could simply put credit cards at risk because it would not impose the fees they charge.
As per the report by Business Standard, the social media giant is hiring dozens of financial firms and online merchants to reach its goal.
“I’m thinking about going back to decentralised or Blockchain authentication. Although I haven’t figured out a way to make this workout this is around authentication and basically granting access to your information and to different services,” Zuckerberg told Harvard Law Professor Jonathan Zittrain in an interview.
Overall, Facebook is currently exploring the various applications for cryptocurrency technology, and for a piece of concrete official news, we may have to wait for some time. So, what do you think about Facebook cryptocurrency? Share your views in the comments below.