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Could a New Wave of Cryptocurrencies Be on the Horizon?

Move over bitcoin.

According to The Guardian newspaper (UK): “Facebook is planning to launch its own cryptocurrency in early 2020, allowing users to make digital payments in a dozen countries.”

“Payments is one of the areas where we have an opportunity to make it a lot easier,” Zuckerberg told the company’s developer conference last month. “I believe it should be as easy to send money to someone as it is to send a photo.”

In order to try to stabilize the digital currency, the company is planning to peg its value to a basket of established currencies, including the US dollar.

According to the Financial Times, Facebook wants to launch its own currency to follow in the footsteps of so-called “super apps” such as China’s WeChat, that allows users to send money, shop, order taxis and play games without ever having to leave the one platform. …

An earlier report by the Wall Street Journal, reported that Facebook may encourage transactions by rewarding its users with the currency if they view ads on the platform, in a similar way to the collection of loyalty points. Experts expect this type of network to encourage Facebook’s vast user base to spend more time and money on the platform. It could address user concerns over Facebook’s advertising business model — but might also allow the company to collect more data on users, such as spending patterns.

The Dramatic Rise in Digital Currencies

According to Cryptoslate.com, “Cryptocurrencies have grown from a tiny niche to an industry with a $250 billion market capitalization in less than a decade, but their immense growth seems to have been tough to follow. Financial regulators across the globe have been struggling with how to police an industry, and assets, that are difficult to track. (Read more...)