Facebook to unveil white paper on cryptocurrency next week

Facebook will by next week, June 18, publish a white paper on its cryptocurrency token which is likely to be dubbed Libra Coin likely to be revealed before the end of this month according to sources in the company.

Facebook at the weekend officially confirmed that the planned stablecoin will not be tied to any single fiat currency, but will instead be linked to a basket of currencies in order to prevent volatility.

Laura McCracken, Facebook’s head of financial services and payment partnerships for Northern Europe said that GlobalCoin would be revealed later this month, saying that a white paper for the token would be published on June 18.

However, there are rumors that the currency will not be called ‘GlobalCoin’, but will now be known as Libra, the code name for the project. A white paper explaining its basics is expected for release on June 18, according to anonymous inside sources.

They claim that multiple investors have been briefed on the project by Facebook and have now been given this date.

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

However, some experts are afraid that the GlobalCoin could be used by Facebook to spy on people’s purchases. For example, Facebook could misuse information about its users of buying habits in order to offer better targeted adverts to attract further investment from firms.

If it turns out successful, the token could have a significant impact in areas around the world that currently aren’t covered enough by the traditional financial system. Facebook’s enormous reach, with more than 2.3 billion users globally, could provide a platform for marketing the token to users that other cryptocurrencies haven’t seen before.

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.

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