Live Updates: COVID-19 Cases
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Facebook’s cryptocurrency would stand to benefit greatly

Author at TechGenyz Facebook
Facebook Cryptocurrency

After analyzing all publicly available information regarding the Facebook crypto launch, former Morgan Stanley executive, Caitlin Long, believes the move will inadvertently fuel Bitcoin adoption across the globe by exposing billions of Facebook users to the power of crypto.

According to news reports, Facebook will shortly launch Libra, a global cryptocurrency available to users of its suite of platforms. Presumably, any merchant with an account on these platforms could transact in the cryptocurrency with customers who also have accounts - for anything, such as online purchases, and physical-world purchases such as groceries and restaurants. Facebook this week revealed plans to announce details on June 18 and confirmed its cryptocurrency would be a “stablecoin” whose value will be tied to a basket of fiat currencies.

And Long says Facebook’s coin launch may end up playing out much like the current situation in Venezuela. The Venezuelan government’s recent attempt to introduce the Petro, a state-issued cryptocurrency, was a move that has ended up sending Venezuelans to cryptocurrencies in their droves.

Facebook will pay interest to holders of its cryptocurrency, and this will eventually lead to populist calls to repeal corporate subsidies to banks at the heart of the US banking system. If Facebook doesn’t share these interest spoils with users, a chorus of critics will loudly publicize how much money Facebook and its partners are pocketing.

As reported last week, Facebook is expected to unveil its digital token this June and is looking for outside backers that would act as "nodes" of this new coin network. Some media reports claim that the announcement might happen on June 18.

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