Facebook Sources Say That Stablecoin White Paper Will Come on June 18
Several voices have earmarked a June 18 whitepaper launch date, as information slowly trickles through.
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Multiple sources are expecting Facebook to launch its stablecoin on June 18, IT and fintech magazine TechCrunch reported on June 6.
Citing people familiar with the plans, the publication added strength to existing suggestions from both within and outside the company that its secretive cryptocurrency project would appear this month.
Previously, rumors had suggested it would be 2020 before Facebook made a commitment to bring its product, which should focus on remittances, to market.
“It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics,” TechCrunch states.
That date had also come from Laura McCracken, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe, who said in an interview with German finance magazine Wirtschaftswoche this week the stablecoin would not only involve a U.S. dollar peg.
“The value of Facebook Coin will be secured with a basket of fiat currencies,” she told the publication.
Facebook has caused an industry-wide stir with its noises about entry into the payments sector. Not just the social media platform, but sister companies WhatsApp and Instagram would also participate, executives said.
Criticism of such projects nonetheless remains, most recently coming from U.S. ratings agency Weiss Ratings, which in a dedicated blog post claimed tech firms’ ultimate goal was not to broaden the appeal of cryptocurrency, but to take business away from the banks.
“Longer term, Bitcoin and other cryptocurrencies are now in a long-term bull market. And one key reason is their powerful potential to truly disrupt the financial system as we know it today,” developer Juan Villaverde wrote.
“Still, many analysts don’t see it that way. They think it’s apps like Apple Pay, Google Pay and Alipay that could challenge the global financial system, even ‘replacing banks’ with their new payment platforms.” The post noted:
“I believe that’s a collective delusion. Truth be told, they’re not replacing banks; they’re becoming banks.”
Every Government On Earth Now Has An Incentive To Back Bitcoin For The Sole Purpose Of Stopping Facebook's "GlobalCoin". By Adopting, Enshrining And Legitimizing Bitcoin They Can Set The Market Against Zuckerberg And Stop Him From Taking Over Their Economies. This Admission Is Win For BTC.
Very good point!
Anticipating.. and I hope it’s wallet would be private like that of Dash, Veil and Monero
Excellent
if you use facebook coins then all your purchases will be sold and at that moment they know not only your social live but also your financial live, they know already who your friends are, they track your exact location via whatsapp. Censorship not new to them as well. This company is scary as fuck, is it actually run by the intelligence community? Just call it a toiletpaper.. This whitepaper, print it and use it as such.
If you take a hold of a few dozen low-value transactions a day, you're a buyer/seller. If you take millions a day, most definitely a bank.