Digital Currency Revolution Series: A quick heads-up on facebook's crypto-project

A Facebook exec divulges details on upcoming Facebook’s stable coin, that appears to be termed as “Libra”. Laura McCracken, Facebook’s head of financial services and payment partnerships for northern Europe, revealed the whitepaper of Facebook’s much-discussed cryptocurrency will be published on June 18th, as per German magazine WirtschaftsWoche.

She seemed to have described that their crypto would be pegged to a basket of currencies rather than a single one such as the U.S. dollar. 

Many crypto-aspirants reckon that Facebook’s stablecoin is most likely to be a major driving force, especially in emerging economies. There is hush-hush going on about their stable coin to yield a component of interest to users, that in turn strikes a chord among US banking system.

The Facebook foundation is likely to bring in stimulant in capital markets. They charge about $10 million to node operators, on the flip side, there’s also going a huge some of the interest income.

On a negative side, their crypto-project may be hindered by some regulatory glitches. Their regulatory reporting program prompts fresh debates. Billions of Facebook’s cryptocurrency users have to authenticate identity validation, but discussions about FB’s privacy and power are about to extend to money.

For fundraising activity, they appear to be raising about $1 billion for their blockchain project. The social media giant is eyeing on VC firms to infuse funds in its cryptocurrency project for sums as large as $1 billion, according to NY Times reporter Nathaniel Popper. As per his remarks, the company is likely to design its stablecoin for WhatsApp using a bunch of fiat currencies as collateral.

Furthermore, there is news that Facebook Inc. is in discussions with the US Treasury and the US Commodity Futures Trading Commission (CFTC) about the future of its cryptocurrency project – reportedly known internally as “GlobalCoin” also, according to a report from the Financial Times on Sunday. However, there are no authentic clarifications from the parties.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing 126 (which is highly bullish), while hourly USD spot index was at 49 (mildly bullish) while articulating (at 05:45 GMT).

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