Bulgarian Woman Sentenced to Four Years in OneCoin Crypto Fraud
A Bulgarian woman, Irina Dilkinska, has been handed a four-year prison sentence for her involvement in a large-scale fraud scheme orchestrated by the cryptocurrency company OneCoin.
Today, Facebook is expected to present its cryptocurrency. It is reported that the virtual currency will be convertible into dollars and euros.
The $ 1 billion project named "Libra" has been developed for over a year and has the support of over 12 corporations.
The official launch of the currency is expected to take place next year after a test period at the end of this one. With the virtual currency, billions of users of Facebook, Messenger, Instagram and WhatsApp will have the ability to make digital payments - both in the internal Facebook system and externally - to third parties and e-commerce without the need for a bank account, BNR transmits.
Facebook cryptos will have a stable price during payments and transactions, and will probably be fixed to several world currencies. It is reported that company employees will be offered to receive a portion of their paycheck in the crypt.
Analysts commented that the move taken by Facebook could turn the company into a social network that combines financial services to become a serious competition for major banks and the online giant Amazon.
If Libra succeeds, it could represent one of the most consequential products Facebook has ever released — both for the company and for the world. It could offer a compelling alternative to the existing banking system, particularly for people in developing nations, "The Verge" writes.
Dr. Garrett Heilman, a block researcher behind the cryptocellular technology, commented:
"Definitely, Facebook's new virtual currency is a potential threat to existing financial services, and it is interesting that many of them, including Mastercard and Paypal, will join this project."
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