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article imageFacebook ready to launch its first cryptocurrency

By Tim Sandle     Jun 8, 2019 in Technology
Facebook is soon to roll out its new cryptocurrency, with June 18, 2019 being the expected date for details to emerge, although the official release may not be until 2020. Multiple investors are lined up to support the project.
Facebook's cryptocurrency is code named Libra and the social media giant is soon to publish a white paper detailing the cryptocurrency’s basics, according to Head of Financial Services & Payment Partnerships for Northern Europe Laura McCracken in an interview with a German publication. In addition, Facebook has registered a company called Libra Networks in Switzerland under the banner of financial services.
In terms of what is known about Facebook's Libra, TechCrunch notes that the cryptocurrency is expected to be pegged to a set of currencies instead of a single one, such as the U.S. dollar. The aim here is to provide the currency with stability and avoid price fluctuations (what is called a stablecoin).
As to what the currency will be used for, the most likely is paying for advertising on Facebook. Another may be charging for membership of some Facebook groups, something which Facebook is said to be toying with. In a trial, Facebook has let some Facebook Group administrators charge $4.99 to $29.99 per month for access to special sub-Groups containing exclusive posts.
Other applications could extend to offering low-fee payments between friends or for making charitable donations. The cryptocurrency could also be used by people to send money overseas to family members, and to avoid the additional fees imposed by money transfer services. It is likely that the digital currency will be transferable with zero fees via existing Facebook products like Messenger and WhatsApp.
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