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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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