In the latest cryptocurrency news issued by Forbes, Facebook is soon to launch their newest cryptocurrency named Libra, which will be available to all users of their platforms, including Messenger and WhatsApp.
Facebook has announced that on June18th 2019, they will reveal plans to announce the finer details of the Stablecoin.
Here are six predictions made by Forbes in relation to the cryptocurrency, which is tied to an array of fiat currencies.
- A Powerful Force For Good, Especially In Developing Countries.
Due to developing countries lack of discipline with their central banks and maintaining the value of their fiat currency, Facebook’s cryptocurrency and Cryptocurrencies alike provide citizens of developing nations with access to a more stable and reliable currency, without the need to have to rely on their government-backed currencies.
- Facebook Set To Pay Interest To Holders Of Its Cryptocurrency.
This has been predicted due to the assets backing the cryptocurrency generating interest income. This comes down to moral grounding, if Facebook is seen to be pocketing the profit this will not sit well with the public and the users of the cryptocurrency.
- Big Power In Global Capital Markets.
The cryptocurrency will be controlled by an independent foundation, which was recently formed by Facebook in Switzerland. This gives Facebook an overwhelming level of defence against antitrust allegations and reduces the degree of the Cryptocurrencie’s centralisation.
- Facebook Will Face Regulatory Uncertainty.
The question we may all be wondering, is Facebook’s cryptocurrency a security? If this is the case, users may need a US brokerage account to use the cryptocurrency.
- The Regulatory Reporting Program Will Open Other Important And Interesting Discussions.
Facebook plan to “provide more stringent forms of identity verification and fraud detection than do most Cryptocurrencies.” Facebook’s data privacy, financial privacy, tax compliance and corporate power will soon also be under the spotlight once their service extends into the money sector.
- Facebook’s Cryptocurrency Will Be A Trojan Horse That Benefits Bitcoin
It will take some time for this outcome to happen, however, ultimately Facebook’s cryptocurrency will greatly benefit and accelerate the cryptocurrency market, especially Bitcoin. Why? More people will turn to Bitcoin simply due to its scarcity, whereas, Facebook’s cryptocurrency will not be scarce in nature.
What Does This Mean For You?
If you are currently a cryptocurrency miner now is the time to HODL your Bitcoins, especially in light of the next Bitcoin Halving fast approaching.
Don’t fear, if you are yet to become a cryptocurrency miner, now is the time to get yourself set up on a trustworthy, profitable mining package to start making returns daily on your investment, and be ahead of the game before Facebook launches their cryptocurrency.