Facebook To Unveil White Paper On Cryptocurrency Next Week

Cornelia Mascio
Giugno 12, 2019

Also, in order to raise $1 billion, Facebook is allegedly been talking to major payment networks Visa and MasterCard that reportedly involves a stablecoin along with a crypto-powered online payments system.

What's interesting is that Facebook will pay those employees working on Libra directly in cryptocurrency rather than actual money, if they so desire.

There will also be sign-up bonuses for merchants who accept Facebook's cryptocurrency as payment.

However, there are rumors that the currency will not be called "GlobalCoin", but will now be known as Libra, the code name for the project.

The only bit of firm evidence we have is from the German magazine WirtschaftsWoche, which reports that the white paper on the digital currency will be released on June 18. So, just as cryptocurrency is an escape from the banking system, Libra would be used to mean nearly the same. The aim here is to provide the currency with stability and avoid price fluctuations (what is called a stablecoin).

Facebook intends to market its token in "developing countries", where it will become "a force for good". Reportedly, Facebook is preparing well by negotiating with financial institutions to help raise $1 billion worth of global flat currencies and securities with low risks that will serve as indemnity for the token's stability. The token will mainly be used in Facebook's products - WhatsApp, Messenger and so on - but the company is also planning ATM-like physical terminals.

Administration: The company is working on establishing a foundation independent from the general enterprise to superintend the cryptocurrency.

"The forecast of the new Facebook cryptocurrency". The node operators could also benefit financially. In terms of what is known about Facebook's Libra, TechCrunch notes that the cryptocurrency is expected to be pegged to a set of currencies instead of a single one, such as the US dollar. However, there was not much information regarding the same in public domain as of now.

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