Facebook and Cryptocurrency
In recent years, Facebook has taken an interest in exploring the use of cryptocurrency technology. With its massive user base, it is well-positioned to make a major impact on this nascent but rapidly growing industry. In June 2019, Facebook unveiled plans for Libra — their own digital currency backed by a reserve of existing assets (including bank deposits) that will be available worldwide through partnerships with leading financial institutions such as Visa and Mastercard. This move could potentially open up access to financial services for billions who are currently unbanked or underbanked due to lack of infrastructure or trust in traditional banking systems.
While there have been some regulatory concerns regarding potential anti-competitive behavior and money laundering issues associated with having one company control so much data related to payments, overall the project appears promising as long as these types of risks can be managed properly.
However, before you get too excited about using Libra when it becomes available sometime next year 2020 , keep in mind that all transactions made via Facebook’s cryptocurrency would still be subject to the same privacy policies applicable across all other platforms owned by them – meaning your personal information may not always remain private like it does when dealing directly with cryptocurrencies on decentralized exchanges . Additionally , while they claim that users won’t need permission from anyone else – including governments -to use their new coin , regulations around how businesses must interact with customers buying goods/services online means large corporations like FB may still require certain paperwork depending on local rules & laws .
