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Facebook Plan June To Launch Long-Rumoured Cryptocurrency

Facebook Plan June To Launch Long-Rumoured Cryptocurrency

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  7 Jun 2019 6:32 AM GMT

San Francisco: Facebook may finally launch its long-rumoured cryptocurrency later in June.

The cryptocurrency, under Facebook’s “Project Libra”, is reportedly aimed at allowing Facebook’s global users to transfer money across borders and to make online purchases.

With its cryptocurrency, the social networking giant is planning to include bonuses for merchants that adopt it. Infct, employees in the project would even have the choice to be paid in the cyber currency, Engadget reported on Wednesday.

Given Facebook’s infamous security management, the blockchain would supposedly be “far more centralised” than Bitcoins and the company would tap outside firms to help run the system.

It would charge the third-party firms a licensing fee of $10 million per partner and roll that into backing the currency with traditional money to keep it stable.

In an interview with Harvard Law Professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he was ”potentially interested” in putting the Facebook login on the Blockchain technology. (IANS)

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