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Facebook currency information

 Facebook digital currency

The social giant Facebook may become a huge player in the fast-growing markets of digital payments and cryptocurrency when it enters both arenas next year, given its massive base of monthly active users in almost all countries around the world, Facebook could immediately become a major competitor to banks and the means Other payments such as MasterCard, where Facebook, which also owns WhatsApp and Instagram, plans to launch its payment platform in about 12 countries by the first quarter of 2020, although the Facebook cryptocurrency will be tested early this year that can be used in several ways, Facebook, for example, has issued cryptocurrency as a reward for users of their social networking sites.
Facebook currency information
Facebook currency information

Facebook Libra coin

It is the approved digital currency that has been proposed by the American social networking company Facebook, and the project, currency and transactions will be managed in the Libra Association, which was founded by the subsidiary company Calibra of Facebook and 27 other companies whose activities are in payments, technology, communications, online shopping, venture capital and non-profit companies As of June 2019, only an initial beta token of the Facebook digital currency was released and the launch is scheduled for 2020, and Facebook confirmed when the cryptocurrency debuted in May 2019, at this time it was known as GlobalCoin It was officially announced in June 2019 and the first version is expected to be released in 2020.

Facebook currency risk

Facebook's cryptocurrency Libra will create a great deal of controversy which some describe as the beginning of the end of sovereign coins and others believe it will attract people to the cryptocurrency world leading them to put their faith in the real cryptocurrency Bitcoin, while others are concerned about the impact on politics Central bank cash and the potential for another financial crisis to erupt, some believe this is all exaggerated. Sovereign currencies are the tool by which governments accept taxes. Unless governments accept Facebook’s Libra currency as an alternative to their own currencies, people will always need a sovereign currency. Governments are not It's about to disappear and taxes are gone, and this currency is not a type of payment that really matters to people, and until people, businesses, and shops accept Libra, they have absolutely no chance of exchanging sovereign currencies, and there are challenges and risks regarding identity checks and how to reduce the risk of money laundering, and these It is not the first time that Facebook has announced a virtual currency, as it has previously revealed a currency that enables users to purchase applications through social networking sites, but Facebook has stopped the project. Two years after its launch due to its failure, the biggest challenge is whether people trust social media sites enough to convert their money into digital currency through it.
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