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Market Overview
Facebook to Release Own Cryptocurrency in 2020
The social media
giant, Facebook Inc, is planning to release its very own cryptocurrency, named
Libra, by next year. The hope is that the Libra will be traded on a global
scale in the future.
According to reports
by Bloomberg, Facebook has said that the goal is for the cryptocurrency to be used
in everyday transactions and that Libra will not only be better than Bitcoin,
but it could even one day rival the US Dollar.
Alastair Marsh of
Bloomberg news said that this is a “really big deal, not only for crypto but
potentially for the global financial economy as well.” This “big deal” points
to the fact that Facebook has over two billion active customers and these users
could, with the use of Libra, have a new online payment system at their
fingertips.
The social media
giant has already partnered up with 28 partners, including Mastercard and
PayPal, but no banks are onboard with the project so far.
The fact that this
could lead to Facebook expanding into digital payments has “raised privacy
concerns and political backlash,” according to Reuters.
U.S. House Financial
Services Committee chairwoman, Maxine Waters, has asked Facebook executives to
testify before Congress and stop work on Libra until lawmakers and regulators
have had time to study the project.
“With the announcement that it plans to create
a cryptocurrency, Facebook is continuing its unchecked expansion and extending
its reach into the lives of its users,” Waters said.
Facebook has faced heavy criticism as to its mishandling of user data in the past.
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