Facebook's cryptocurrency to debut globally on June 18: Report

By Digit NewsDesk | Updated 7 Jun 2019
Facebook's cryptocurrency to debut globally on June 18: Report
  • Facebook to debut its cryptocurrency this month.
  • There's a chance of delay in case Facebook has trouble with its partners or the government.

Facebook, a name known best for one of the world’s most popular social media platforms, is set to enter the world of cryptocurrency on June 18, says a report by TechCrunch. On that day, the Mark Zuckerberg-led company will release a white paper explaining the basics of Facebook’s proprietary cryptocurrency. The new money form is expected to be “a basket of currencies rather than a single one like the US dollar to prevent price fluctuations.”

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According to the TechCrunch news report, Facebook could postpone the date of the launch if there are any last-minute snags with its partners or the government. Some reports even say that the formal launch is expected to happen only next year. Until now, the cryptocurrency project has been referred to as Libra internally, but there’s a chance Facebook will change the name before debut. It’s expected to work across the globe as a “borderless currency”.

Facebook’s new cryptocurrency is expected to be a stablecoin, which means it’s a token designed to have a stable price so that there are no discrepancies and complications caused by price fluctuations during payment or negotiation. We can expect online merchants to support Facebook’s new cryptocurrency in the near future. We can even expect to see physical devices from Facebook at existing ATMs that convert traditional assets to cryptocurrency.

Once it is introduced, we can expect to see the new cryptocurrency trickle down to Facebook’s messaging products as payment methods, such as Messenger and WhatsApp. Facebook’s massive blockchain project is overseen by a former PayPal president, amongst others. Employees part of the project are said to be working in a separate off-limits section of Facebook’s headquarters in Menlo Park, California in an effort to ensure secrecy and avoid unnecessary leaks.

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