When Will Facebook Enter the Crypto World?

When Will Facebook Enter the Crypto World?
When Will Facebook Enter the Crypto World?

It is a long time having been heard some news about generating and publishing Facebook and Telegram cryptocurrencies from here and there. It seems that they will come true soon. Facebook and Telegram are to publish their domestic cryptocurrencies. These domestic cryptocurrencies let their users transfer their money. Indeed, these companies intend to launch a system similar to currency payment methods like what PayPal offers.

Facebook and Cryptocurrencies?

According to the New York Times, the participation plan of Facebook to generate its special cryptocurrency has started a new stage, and it seems that the time to introduce it is approaching. Facebook hopes that the possibility of using cryptocurrencies be provided in messaging applications like WhatsApp for the users in order enable them to send their domestic tokens for the people who are in communication with them (their contacts) easily and immediately.
Facebook is not the only company which follows the world of cryptocurrencies. Other well-known and reputable companies such as Wechat, Signal, Line, etc. in China, Japan, South Korea are going to be engaged in this adventurous arena. Coins generated in this computer network get decentralized and the manufacturing company will not have any supervision or dominance on them; however, some critics of entering famous companies to the field of cryptocurrencies believe that publishing Bitcoins clearly on the part of these companies is still an inhibition for the total decentralization and question the feature of decentralization of the world of cryptocurrencies to some extent. Moreover, some believe that the coins generated by Facebook will be similar to the Ripple cryptocurrency (XRP).

The Perspective of Facebook’s Presence in the Crypto World

The presence of Facebook will certainly go along with creating some advantages which cannot be neglected. For instance, using fast messaging systems like Facebook for financial transactions will be very beneficial in developing countries. These countries provide the possibility of international financial and cryptocurrency interactions due to complex bureaucratic systems and weak financial infrastructures very hard. Through the system Facebook offers, there will be more effective relationships with different spots in the world. Elon Musk has remarked in his latest speech that: “in the foreseeable future, cash paper money will be set aside. Cryptocurrencies are a more suitable way to transfer value and transactions.”
It is said that the cryptocurrency Facebook will introduce to the world will not be supported by USD, but it is a basket of many different cryptocurrencies stored in Facebook bank accounts, and they act as the support for this cryptocurrency.
Although the new related to Facebook measure and unveiling its own cryptocurrency is not much evident, and all the activities in this field are being followed secretly, resources are sure about the seriousness of these measures. The world will soon see a new member of cryptocurrencies family which will impose changes and evolutions to the world like all the projects of this technology giant. The changes and evolutions which need a little time to give comment on.