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Home > New Gear > Facebook and the new world currency
Facebook and the new world currency

Facebook and the new world currency

By  Jordan Hobbs 2019-06-06 258 0

Facebook is working on creating its own crypto currency, which would have what it takes to become a new world currency. Now some details have become known.

The currency is said to be tied to the dollar and open to everyone, including non-users of Facebook. Facebook wants to rely on blockchain technology.

This means that payments could be processed directly between the parties ("peer-to-peer") without the mediation of a bank, as is currently the case. If you pay with a crypto currency, you don't need a bank that handles the transaction and charges money for it. Direct payments can therefore be considerably cheaper than conventional transactions.

More users than the US and the euro area

The peg of the crypto currency to the dollar promises enormous potential. A Facebook coin (FB coin) would thus be worth as much as the currency of the United States. According to their own estimates, 2.7 billion people use Facebook, WhatsApp, Instagram or Messenger every month.

Although not all Facebook users are likely to want to use the new means of payment, they are not sure if they will. But if only a quarter of them decide to use the new currency, the new currency would have more users than the United States and the euro area combined, the former long-time chief economist of Deutsche Bank, Thomas Mayer, told the FAZ.

Stuff for a "world currency"

"As a result, most people in the world would have access to Facebook Coins," Mayer said. Since the brand was strong, the purchasing power known and the payments cheap, FB-Coin would have what it takes to become a world currency. "Facebook would get a treasure trove of financial data, and the United States' influence on the global monetary and financial system would become even stronger.

However, the example is likely to set a precedent quickly. Mayer estimates that other large technology companies such as Amazon or PayPal would also issue their own coins to bind their users to themselves and get access to their data. "If these were also linked to the dollar, the US Federal Reserve's financial power would be enormous. Presumably only Chinese platform companies like Alibaba or Tencent would have anything to counter this," concludes the founding director of the Flossbach von Storch Research Institute.

However, state regulators such as the US Federal Reserve have not yet given the project the green light. A Facebook spokeswoman did not want to comment on speculations about its own currency and referred to earlier statements that the company was testing various new applications.

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