Next step for Facebook: Bitcoin-like currency for the users

By: |
Updated: May 3, 2019 10:05:57 PM

Facebook, Bitcoin, cryptocurrencies, cryptocurrency technology, digital coin, latest news on facebookThe system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin’s value stable. (Reuters)

The Wall Street Journal reports that Facebook plans a cryptocurrency-based payment system that it could launch for billions of users worldwide. The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin’s value stable. Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value. It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue.

Also read: OnePlus 7 Pro pre-bookings now live on Amazon.in: Benefits of Rs 15,000 before May 14 launch

The Journal report cited unidentified people familiar with the matter. It said Facebook is recruiting dozens of financial firms and online merchants to launch the network. Facebook’s plans may include ways to financially reward users who interact with ads or other features. Facebook says only that it is exploring many different applications for cryptocurrency technology.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1OnePlus 7 Pro pre-bookings now live on Amazon.in: Benefits of Rs 15,000 before May 14 launch
2Amazon Summer Sale is on: iPhone X, OnePlus 6T, Galaxy M20, & more smartphones on big discounts
3How ‘cybersovereignty’ splits the once World Wide Web