Facebook seems to have accelerated the pace regarding its cryptocurrency project, a first internal launch of which should be effective on June 18. The company will thus offer its employees to be paid in this new virtual currency called Libra. An international launch would then be considered for 2020.
Facebook plans to launch its cryptocurrency for the first time on June 18
Along with a first use reserved for its large salary team, Facebook intends to focus primarily on “developing countries with volatile currencies”, in order to offer a more stable alternative payment solution. Scheduled to circulate via the group’s platforms such as WhatsApp, Messenger or Instagram, the new Facebook cryptocurrency should then be available in a more concrete way through physical ATMs. Merchants who decide to put Libra on their list of payment methods would also receive certain benefits.
Facebook’s Libra Cryptocurrency Appears as an Investment Priority for Mark Zuckerberg
This cryptocurrency project, developed through the new financial technology company launched by FB, Libra Networks, appears as a decisive step in the latter’s already well-started strategy to focus more on e-commerce in order to develop its activity. Libra thus follows on from the various measures already put in place in order to monetize ever more the gigantic resource of potential consumers that the network possesses. FB had thus launched Checkout, a new option allowing products to be ordered directly via the publications made by certain brands or influencers on its Instagram subsidiary. The development of product catalogs on its WhatsApp messaging or direct purchase on the Marketplace are all innovations intended to facilitate and above all boost consumption through platforms under the Facebook flag..
Facebook’s virtual currency wants to bet on “developing countries with volatile currencies”
This cryptocurrency made in Silicon Valley, a top priority for Facebook boss Mark Zuckerberg, could enjoy much greater popularity than any other virtual currency on the market, thanks to the potential user base of the social network estimated at over of two billion people. However, what may appear to be a new form of megalomania on the part of the virtual sociability giant does not seem to be unanimous internally and the growing decline in interest in Facebook by its users does not promise either. a generalized enthusiasm.
Libra cryptocurrency to be pegged to the dollar and other stable currencies
Technically, the social network has established a collaboration with different governments, including the governor of the US Treasury, in order to have its new cryptocurrency approved and make it legal in the eyes of the world. Indexation to strong currencies such as the dollar and the euro seems to be the objective carried by the company, in order to limit fluctuations and increase the confidence of future users, as well as in-depth work on security and fraud prevention. possible and inevitable.