Facebook To Unveil White Paper On Cryptocurrency Next Week

The earth with gold bands surround it forming a global network

The report also claims that Facebook employees can choose to be paid in cryptocurrency tokens instead of hard cash.

Also, in order to raise $1 billion, Facebook is allegedly been talking to major payment networks Visa and MasterCard that reportedly involves a stablecoin along with a crypto-powered online payments system.

"The digital token is created to function as a borderless currency, without transaction fees, and will be aggressively marketed in developing nations where government-backed currencies are more volatile".

Facebook has been embroiled in a series of privacy and data scandals in the last few years, so it may therefore be slightly optimistic of decision-makers to think people will trust them with their money, with that in mind the company has wasted no time in disclosing that it is actively searching for partners to form a foundation which will be tasked with the responsibility of governing the new cryptocurrency. The aim here is to provide the currency with stability and avoid price fluctuations (what is called a stablecoin).

Facebook cryptocurrency will become a powerful force in developing countries where Facebook intends to sell the product.

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Facebook Foundation will grow to gain more power in global capital markets.

Practicality: The cryptocurrency will not include any charges for transfers especially through Facebook's family apps; WhatsApp and Messenger.

Facebook is set to unveil the details of its cryptocurrency project, codenamed Libra, with its white paper scheduled for release on June 18, Laura McCracken, the social media giant's head of financial services and payment partnerships for Northern Europe, told German magazine WirtschaftsWoche. Moreover, Facebook plans to make the cryptocurrency available through customized ATM physical terminals. The node operators could also benefit financially. The cryptocurrency itself, she went on to explain, will be pegged to a basket of currencies rather than a single one such as the USA dollar.

The team has been working at a location in the headquarters kept off-limits from others in order to preserve as much secrecy as possible even though the various team-ups with companies seem to have leaked more than enough information.

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