Home Business Crypto is coming: get ready to spend facebook's money | Technology

Crypto is coming: get ready to spend facebook's money | Technology

Fit had your friends, then it had your pictures. Now, in the latest effort to make its way into the everyday lives of its users, Facebook wants to get into your wallet.

On Tuesday, the social media behemoth is expected to reveal its own cryptocurrency, which has variously been called Libra and GlobalCoin. However, unlike other cryptocurrencies, the new creation does not have been founded in the spirit of libertarianism. Instead, it appears to be the endorsement of more than 12 corporations, from Uber to PayPal, Visa and Mastercard.

Since then they have been crying out in the wilderness and cryptocurrencies.

Facebook's new venture appears to have been somewhat removed from the image. $ 10m to join a consortium and administer it.

Another indication that the Facebook currency wants to be different from its predecessors.

It is now $ 20,000 per coin in December 2017. Each one now sells for just over $ 8,300.

The Facebook project is expected to cost $ 1bn and has been in development for a year. It should enable Facebook's 2.4 billion monthly users to change currencies into other currencies. The currency can then be used to buy goods on the internet – and in shops and other outlets – or to transfer money, without the need for a bank account.

Facebook's founder, Mark Zuckerberg, with the Governor of the Bank of England, Mark Carney, last month to talk about his plans, and has therefore discussed the matter with US Treasury officials.

Zuckerberg told the company's developer conference in April "Payments is one of the areas where we have an opportunity to make it a lot easier."

"I believe it should be easy to send money to someone."

It is expected that Facebook seeks to shatter the poor image of cryptocurrencies, which was widely used by criminals to make transactions on the dark web.

The members of the consortium want to act as "nodes" within the system.

It is expected that Facebook is releasing a briefing on the new cryptocurrency this week.

Concert has been raised, however, that regulatory issues and Facebook's hitherto poor track record on data privacy and protection are likely to prove to be major hurdles on the way to making any cryptocurrency a success.

Facebook is also looking at paying attention to paying a fee for shopping activities in a system similar to the loyalty schemes run by retailers.

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