Facebook set to unveil its own Bitcoin style cryptocurrency on June 18

Mail Online | 6/7/2019 | Tim Collins For Mailonline;Annie Palmer For Dailymail.com
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Facebook is finally ready to unveil its own Bitcoin style cryptocurrency after months of rumours and speculation.

A white paper explaining its basics is expected for release on June 18, according to anonymous inside sources.

Investors - Project - Facebook - Date

They claim that multiple investors have been briefed on the project by Facebook and have now been given this date.

Experts say Facebook's new digital money may be used to spy on your purchases, however.

Currency - 'GlobalCoin - Libra - Codename - Project

The currency was previously thought to be called 'GlobalCoin', but will now be known as Libra, the codename for the project.

Laura McCracken - Facebook's head of financial services and payment partnerships, Northern Europe - appeared to confirm the claims at a trade conference in Amsterdam.

Range - Currencies - US - Dollar - German

She added that it will be linked to a range of currencies worldwide rather than a single one like the US dollar, according to German magazine WirtschaftsWoche's Sebastian Kirsch.

It is hoped that the move will prevent the kind of price fluctuations that have plagued Bitcoin and others.

Value - Facebook - Coin - Basket - Fiat

'The value of the Facebook Coin should be kept stable by a basket of Fiat currencies,' Ms McCracken told WirtschaftsWoche.

Some experts believe that the Libra coin could be used by Facebook to spy on people's purchases.

Facebook - Information - Users - Site - Adverts

Facebook could use information about what users of the site are buying to offer better targeted adverts to attract further investment from firms.

'A better understanding of who buys what or which brands or popular could aid Facebook in ad measurement, ranking, and targeting to amplify its core business,' Josh Constine, tech expert and boss of gadget site TechCrunch, said.

Facebook - Contact - US - Regulators - View

Facebook has already been in contact with US and British financial regulators with a view to launching its own cryptocurrency next year, the BBC reported in May.

The would work with a new digital payments system in about a dozen countries, starting in the first quarter of 2020, reports...
(Excerpt) Read more at: Mail Online
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