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  • The Wall Street Journal reports that Facebook is indeed building a cryptocurrency for a new payments network, which puts to rest the many rumors that had the cryptocommunity sure that the social media giant had been planning a foray into the blockchain and cryptocurrency space.

Code named Project Libra, the report says that Facebook is building a stablecoin backed by fiat and that it was recruiting “dozens of financial firms and online merchants” to support the crypto ecosystem.

It was widely believed that Facebook was working on some crypto related initiative, after related job listings were discovered and sources close to the matter confirmed that it was happening. Remittances appears to be one target area for Facebook, and it has been discussed before that the company is targeting the remittance market in countries like India.

The new WSJ report has additional set of interesting details: previously it was reported that Facebook was looking to raise $1 billion from investors, which the report confirms. The money will go towards backing its stablecoin, it appears. The stablecoin also exists to avoid the fees associated with credit cards, as well avoid the volatility of non-stablecoins. Facebook may also link the token to its core ads engine, rewarding users for viewing advertisements.

It appears that Facebook – and the report states this – is looking to go just beyond the remittances market. The introduction of cryptocurrency into a platform like Facebook may herald a new phase for the market as Facebook, along with Instagram and WhatsApp, possesses a userbase of about 2.5 billion.

Do you think Facebook could dominate the crypto market when their project finally arrives?

Follow @blocklantis

#cryptonews #cryptomeme #bitcoincharts #bitcoinnews #coinmarketcap #bitcoinasia #futures #cryptomarket #monero #decentralized #hodl #cryptotrading #altcoin #cryptocurrencies #cryptocurrencynews #bitcointechnology #sharecrypto #altcoinnews #blockchain #cryptocurrency
  • The Wall Street Journal reports that Facebook is indeed building a cryptocurrency for a new payments network, which puts to rest the many rumors that had the cryptocommunity sure that the social media giant had been planning a foray into the blockchain and cryptocurrency space.

    Code named Project Libra, the report says that Facebook is building a stablecoin backed by fiat and that it was recruiting “dozens of financial firms and online merchants” to support the crypto ecosystem.

    It was widely believed that Facebook was working on some crypto related initiative, after related job listings were discovered and sources close to the matter confirmed that it was happening. Remittances appears to be one target area for Facebook, and it has been discussed before that the company is targeting the remittance market in countries like India.

    The new WSJ report has additional set of interesting details: previously it was reported that Facebook was looking to raise $1 billion from investors, which the report confirms. The money will go towards backing its stablecoin, it appears. The stablecoin also exists to avoid the fees associated with credit cards, as well avoid the volatility of non-stablecoins. Facebook may also link the token to its core ads engine, rewarding users for viewing advertisements.

    It appears that Facebook – and the report states this – is looking to go just beyond the remittances market. The introduction of cryptocurrency into a platform like Facebook may herald a new phase for the market as Facebook, along with Instagram and WhatsApp, possesses a userbase of about 2.5 billion.

    Do you think Facebook could dominate the crypto market when their project finally arrives?

    Follow @blocklantis

    #cryptonews #cryptomeme #bitcoincharts #bitcoinnews #coinmarketcap #bitcoinasia #futures #cryptomarket #monero #decentralized #hodl #cryptotrading #altcoin #cryptocurrencies #cryptocurrencynews #bitcointechnology #sharecrypto #altcoinnews #blockchain #cryptocurrency

  •  1,122  143  5 May, 2019
  • WeChat, the Chinese largest social media and messaging platform operated by Tencent, has updated its service terms. Starting from May 31 it is forbidden to perform cryptocurrency trading there.

WeChat, the Chinese alternative to WhatsApp, has changed its payments policy imposing ban for merchants engaged in cryptocurrency activities. Otherwise, their accounts will be terminated.

The changes in the protocol of WeChat were implemented on April 30. According to the information provided, merchants shall not “either directly or indirectly be involved in any initial coin offering activities or operating virtual currency trading”. In respond to that fact, on May 7th Dovey Wan, founding partner of crypto investment firm Primitive, underlined in Twitter that it can influence company’s local liquidity, seeing that most OTC transactions are taking place on WeChat platform

However, it should be mentioned that the new policy will be applied to users who registered as a merchant or a corporate user in contradiction from retail individuals. Moreover, this new policy does not consider cryptocurrency activities as illegal.

Do you think this will add value to the WhatsApp platform currently owned and operated by Facebook?

Follow @blocklantis

#wechat #whatapp #facebook #cryptonews #cryptoasia #bitcoincharts #bitcoinnews #coinmarketcap #bitcoinasia  #cryptomarket  #decentralized #hodl #cryptotrading #altcoin #cryptocurrencies #cryptocurrencynews #bitcointechnology #sharecrypto #altcoinnews #blockchain #cryptocurrency
  • WeChat, the Chinese largest social media and messaging platform operated by Tencent, has updated its service terms. Starting from May 31 it is forbidden to perform cryptocurrency trading there.

    WeChat, the Chinese alternative to WhatsApp, has changed its payments policy imposing ban for merchants engaged in cryptocurrency activities. Otherwise, their accounts will be terminated.

    The changes in the protocol of WeChat were implemented on April 30. According to the information provided, merchants shall not “either directly or indirectly be involved in any initial coin offering activities or operating virtual currency trading”. In respond to that fact, on May 7th Dovey Wan, founding partner of crypto investment firm Primitive, underlined in Twitter that it can influence company’s local liquidity, seeing that most OTC transactions are taking place on WeChat platform

    However, it should be mentioned that the new policy will be applied to users who registered as a merchant or a corporate user in contradiction from retail individuals. Moreover, this new policy does not consider cryptocurrency activities as illegal.

    Do you think this will add value to the WhatsApp platform currently owned and operated by Facebook?

    Follow @blocklantis

    #wechat #whatapp #facebook #cryptonews #cryptoasia #bitcoincharts #bitcoinnews #coinmarketcap #bitcoinasia #cryptomarket #decentralized #hodl #cryptotrading #altcoin #cryptocurrencies #cryptocurrencynews #bitcointechnology #sharecrypto #altcoinnews #blockchain #cryptocurrency

  •  1,045  16  8 May, 2019
  • Hours after Facebook unveiled its new cryptocurrency “Libra”, Democratic Rep. Maxine Waters requested that the tech giant pause development on the project. Chair of the House Financial Services Committee, Waters is asking company executives from Facebook to testify before Congress to help satisfy questions and concerns about security and data privacy.

In a statement, Waters calls Facebook’s move into cryptocurrency an “unchecked expansion”. “Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform.

With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.

Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.” Some politicians hate Facebook's crypto do you agree or disagree with them?

Follow @blocklantis
  • Hours after Facebook unveiled its new cryptocurrency “Libra”, Democratic Rep. Maxine Waters requested that the tech giant pause development on the project. Chair of the House Financial Services Committee, Waters is asking company executives from Facebook to testify before Congress to help satisfy questions and concerns about security and data privacy.

    In a statement, Waters calls Facebook’s move into cryptocurrency an “unchecked expansion”. “Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform.

    With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.

    Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.” Some politicians hate Facebook's crypto do you agree or disagree with them?

    Follow @blocklantis

  •  657  11  19 June, 2019