Cryptocurrency Payments is all set to bring social media company Facebook into the mainstream and is going to raise the curtain today. A special payment system, along with government and private companies and businesses, can be developed with the help of this cryptocurrency. With the virtual currency outline and idea to be launched next year, Facebook is likely to lift the curtain today. It is also expected to compete with highly stable digital currency blockchain technology like Bitcoin.
Facebook has informed many investors about the cryptocurrency project and today Facebook's currency basics will be shared with them in a meeting. The currency was earlier called the 'Global Coin', but at the moment it is being called the Libre. According to the Wall Street Journal, its codename for cryptocurrency projects is Libre. According to reports, dozens of companies like Visa, MasterCard, Paypal and Uber are joining Facebook's digital currency project.
For your information, the Wall Street Journal says facebook's credibility has been questioned after privacy was harmed and fake news cases surfaced. Now, after investing in digital currency, the company would like to instill confidence in customers and users that their system is safe. The team is working on creating a digital system to replace many currencies like the dollar and the euro. Mark Zuckerberg had earlier said about the company's project that blockchain technology would improve users' experience with third-party apps. The company is working fast after the regulatory authorities gave a green signal to Facebook's project. However, many regulators have expressed concern over the misuse of its offenders and the loss to customers. At the moment, Facebook is taking all necessary and protective measures to connect WhatsApp, Instagram and globallargely large userbase to digital currency on its site. It is believed that with the advent of cryptocurrencies, online merchants and shopping platforms can also be directly purchased with the help of Facebook cryptocurrency.