on the crypto
The new Facebook cryptocurrency, according to the rumors of Techcrunch could be filed on June 18. The company will then present its official white paper which will talk about the new currency. All the information on this new digital currency is still the result of rumors and hypotheses, for example the name of the token is still uncertain. According to some sources, this could take the name of Libra, instead according to other Globalcoins. The only certain thing is that this will be a stablecoin, therefore a token tied directly to one or more fiat currencies, in order to avoid the fluctuations that instead are characteristics of the cryptocurrency market.
Launch of Libra or Globalcoin: it could lead to a payment revolution
La Head of Financial Services & Payment Partnerships for Northern Europe, Laura McCraken, during an interview with the German weekly Wirtschaftswoche he says he added the token value could be made even more stable in the case of correlation even to a set of cryptocurrencies. The launch of Libra, could radically revolutionize the payments market, as new solutions could be unlocked to be able to exchange money through social networks.
In fact, it is thought that the currency could be used to offer exchanges of money or free payments or with negligible tariffs. For example, Facebook is thought to be considering giving relatives and friends the opportunity to exchange money through his cryptocurrency for both Messenger and WhatsApp.
Possible competitor for payment circuits
The new Facebook cryptocurrency it could also be much feared by payment circuits and credit cards, which can often harass traders with commissions on unwanted transactions, and who instead could find a cheaper alternative by making a payment with Facebook money always through a classic electronic transaction.
Another application which could be considered very functional are the possible facilities, advertising space on social networks, for those who want to use and invest in the advertising of Facebook with its cryptocurrency. Facebook is also thinking of making physical ATMs available which can facilitate the purchase and exchange of its token not only online but also locally.
The impact on the market
Certainly the launch of the Facebook cryptocurrency will have an impact that cannot be overlooked on the traditional cryptocurrency market. According to some observers, the new token of the most influential social network in the world could make some traditional and alternative currencies obsolete such as: Litecoin, Reddcoin and Ripple, born already with the intention of facilitating electronic payments, but which have so far seen limited adoption, due to some difficulties in accessing the tools indispensable for the exchange and conversion of money.
