Fully promote the compliance process, is Facebook's cryptocurrency era far behind?

The prophet of the Spring River Plumbing Duck, in the face of the cryptocurrency of the "coming momentum", many giants have begun to get involved. From ban to relaxation, to active embrace, this time, Facebook learns lessons and chooses to keep up with the pace of technology advancement and advance with the times.

As early as 2017, former PayPal president and Facebook Messenger product owner David Marcus joined the cryptocurrency exchange Coinbase board of directors; in May 2018, in order to avoid conflicts of interest, David Marcu exited the Coinbase board of directors and returned to the Facebook blockchain department; 2018 In December, according to Bloomberg News, Facebook intends to launch stable currency, Facebook hopes to unify Instagram, WhatsApp and Messenger, which can maximize its new user base for inter-user payments; in February 2019, Facebook acquired a district called Chainspace. Blockchain company, and released a lot of posts related to the blockchain; in April 2019, Facebook CEO Mark Zuckerberg said in the description of Facebook's future, he thought that sending money to others should be as easy as sending photos; In May 2019, Facebook was revealed that it was seeking funding to support cryptocurrency projects; soon after, Facebook recruited two compliance professionals from Coinbase to deal with regulatory pressures, while Facebook also secretly launched a company called Libra in Switzerland. Networks' financial technology company, and will be a number of important Instagram executives and members Facebook reorientation to block chain sector; and in a recent report, Facebook will launch a project called encryption currency "GlobalCoin" and in "a dozen countries," launched in the first quarter of 2020.

There are indications that Facebook's ambitions for cryptocurrencies are not a whim. You know, Facebook has only changed constantly to adapt to changing trends before it has a strong enemy. In order to ensure that you will not be abandoned in the future, you will continue to amplify your self-worth.

As we all know, in recent years, Facebook has gone very hard. A series of scandals such as “spreading false news, data breaches, and internal conflicts” caused Facebook’s user volume to fall sharply, and the stock price fell. For Facebook, it has to face the word "transformation."

“Facebook’s move has undoubtedly broken traditional financial barriers, reduced consumer transaction costs, and competition with banks. As a social giant with approximately 2.375 billion monthly active users in almost every country in the world, 'GlobalCoin’ Linked to the US dollar, the euro and the Japanese yen, it can be a stable currency to replace USDT. At the same time, for the entire cryptocurrency market to go mainstream, Facebook's participation is undoubtedly a major positive." A cryptocurrency practitioner If yes.

At the same time, Forbes columnist Kyle Torpey also believes that Facebook's cryptocurrency may be completely different from Bitcoin, but a centralized cryptocurrency similar to XRP, which is not really a decentralized center. The cryptocurrency is like the existing stable currency on the market.

According to the knowledge of the blockchain, the Facebook Stabilizer project is mainly used in the following major scenarios:

1. Payment Network: Facebook is negotiating with a number of financial companies and e-commerce companies including Visa and Mastercard.

2. Transfer: Facebook Stabilizer is dedicated to solving credit card fees.

3. Advertising business: As a social platform, Facebook's revenue comes from advertising. Currently, Facebook is exploring the need to combine stable currency with advertising to reward user behavior or to pay for advertising.

In the future, as an important player in the emerging field, Facebook is bound to face close attention from regulators. Today, according to foreign media reports, Facebook is negotiating with the US derivatives regulator Commodity Futures Trading Commission (CFTC) on the digital currency plan.

“When I look out today, I am still surprised that almost none of the technologies developed in our industry are designed to put people first. Our mobile phone is around the application. Designed, this is not what people want. I think we need to redesign the technology to help people connect more closely, but this future will not happen by itself, and the world will not develop in this direction. This is what we need. The place to intervene," Zuckerberg once said.

And in the world of cryptocurrencies, can Zuckerberg get what he wants? Can Facebook stand back in the spotlight of the world again?

Author: Nancy

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