While the world is slowly adjusting to digital payments, it still has a long way to go. And with net-banking and many other methods available, keeping hard cash is going to be an outdated idea! Facebook believes we are ready for the next big step in the field of financial evolution – Cryptocurrency! While recent usage in preparation of bitcoins and others have brought a rather dismal outlook to the market Facebook is ready to prove to the world that cryptocurrency is indeed the next best idea for the world and business. Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants.
With these measures and with a good foolproof system, soon our currency will be handled entirely virtually. At-least that is what Facebook hopes to create. The world’s biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the roller coaster volatility of “blockchain” technologies such as bitcoin.
Facebook is setting up a consortium called “Libra” which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, MasterCard, PayPal and Uber. All of which are legitimate online financial services trusted by the millions of people.
The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium.-And try to prepare a unified currency for the internet. The work will be extremely hard, if not tiring.
Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments. And it Hopes to take away the stigma and ignorance of the common masses against cryptocurrency.
But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that. Truth be told, there are many who are concerned about the privacy issues of their money related to this team of tech giants, as there has way too many leaks in the past.
Facebook’s crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad userbase in Asia, RBC analyst Mark Mahaney said in a research note last week. Well, let us hope that Facebook pioneers the innovation in a safe and progressive manner and helps us reach a futuristic financial age!
