Facebook set to release cryptocurrency white paper later this month, confirms exec

Facebook reportedly launching new cryptocurrency in June

With the tokens planned to be used in WhatsApp and Messenger as well, it seems that the marketing team has also turned an all-aggressive gear through plans like offering sign-up bonuses to merchants who accept the cryptocurrency as a payment method. The cryptocurrency itself, she went on to explain, will be pegged to a basket of currencies rather than a single one such as the USA dollar. It will also reportedly be a borderless currency with no transaction fees.

Facebook will by next week, June 18, publish a white paper on its cryptocurrency token which is likely to be dubbed Libra Coin likely to be revealed before the end of this month according to sources in the company.

The move aligns with Facebook's push into e-commerce. If Facebook doesn't share these interest spoils with users, a chorus of critics will loudly publicize how much money Facebook and its partners are pocketing. Facebook "has courted dozens of financial institutions and other tech companies to join an independent foundation that will contribute capital and help govern the digital currency".

Long believes that Facebook's token will be a "Trojan horse" for Bitcoin, and "will greatly accelerate the pace of teaching people about cryptocurrencies".

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Secondly, analysts are of the view that although Facebook wants the world to view its currency as decentralized, the currency is not as decentralized as it is being portrayed. The company is also working on fraud prevention measures, including "more stringent forms of identity verification", The Information reported.

She added that she thinks Facebook will pay interest to the users of its cryptocurrency, and that data privacy discussions "are about to extend to money". This has reportedly been named as "Libra" and it is also said to be coming this month. Reuters reported that the social networking company registered a financial services subsidiary called Libra Networks in Switzerland, which could be causing some of the confusion.

Not everyone at Facebook is as excited for its cryptocurrency venture as Zuckerberg.

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