Facebook launching FaceCoin in 2020
Facebook finally has provided a time-frame for when they’ll be launching their global cryptocurrency “FaceCoin”. The crypto coin will come in early 2020, allowing for anyone using Facebook’s chat services like WhatsApp or Messenger will be able to transfer digital payments worldwide. Currently, 2.4 Billion people use Facebook.
The coins will have real-world applications. Facebook users will be able to purchase things in shops, outlet malls and online retailers. Mark Zuckerberg has even met with the bank of England to begin finalizing the legal realities of creating a new currency. FaceCoin wants to be compatible with the US Dollar and British Pound.
Analysts believe there will be many complications for Facebook. The company has a history of data breaches and doesn’t have proper privacy for data protection. These will be the two hurdles that the social media giant will have to overcome if they wish to make their cryptocurrency a success.
Coriolis Technologies comments on FaceCoin
The Coriolis Technologies Data Analytics Firm is an observer of the crypto market. Back in 2016, the company revealed that 87 Million people had their data affected by Russians during the US Presidential Election. This is only one of the numerous things Coriolis has found when reviews Facebook’s analytics.
Rebecca Harding, the Chief Executive of Banking Trade for Coriolis Technologies commented on FaceCoin by saying, “Facebook is not regulated in the same way as banks are, and the cryptocurrency industry is, by definition almost, unregulated. In the UK, for example, there are no formal laws that govern this market because cryptocurrencies are not legal tender. Facebook has also had issues with protecting user data in the past few years and this may well be an issue for it as it tries to provide guarantees to users that their financial information is safe.”
The United States Senate Committee has required Mark Zuckerberg to layout how his currency would work and if consumer data would be secured. This has all come after a month when Facebook first announced that they need $1 Billion in funding to create this project. Additionally, the social media company has also hired David Marcus to run the new crypto exchange service.