Andreas Antonopoulos Believes Facebook Coin Would Sell Transaction Data to Commercial Firms
Andreas Antonopoulos, the recognized Bitcoin supporter and the author of Mastering Bitcoin, talked about Facebook and Telegram Coin in a Q&A session held on YouTube. One of the things he said is that Facebook could be sharing data from users to commercial companies.
Facebook Coin Could Gather Users’ Data
There were several reports related to Facebook launching a digital asset that would be used to send and receive payments in a fast and easy way. Normally, the cryptocurrency community became worried about the information that Facebook could gather with this coin. The social media company has been involved in several controversies regarding users’ data and information.
He has also mentioned that there are going to be several central bank digital currencies (CBDCs) pegged to fiat currencies that would be used in many countries around the world. At the same time, the author believes that there are going to be central banks launching their own cryptocurrencies such as the so-called Fed Coin or Digii Dollar.
He mentioned that these coins are going to be centralized, censorable, bordered, permission and they ill operate in closed systems. They will have the same characteristics of fiat but they will just be digital. The only difference with the current digital cash is that these centralized cryptocurrencies will be operating on top of blockchain technology rather than using Microsoft SQL Database.
Andreas has also talked about Facebook Coin and how it could be following banking regulations in order to process cross-border transactions. He mentioned that the company would not be offering the digital asset to users if they do not comply with strict KYC and AML policies.
On the matter, he commented:
“Facebook will not produce a coin that is censorship resistant, open, decentralized, neutral, or borderless. It will not be similar to any cryptocurrency. They will recreate the world of digital dollars, just like PayPal and Venmo, etc. They will be competing against other banks.”
Antonopoulos said that there is a large part of the world’s population that is currently living under oppressive and corrupt governments. Thus, having a Facebook Coin would not solve their problems or help them deal with these issues. Privacy would be inexistent within Facebook Coin since it will be registering the transactions that every single user processes. Moreover, he said that transactions can be also censored and the accounts could be frozen.
In addition to it, he said that they will also be applying surveillance to the transactions and sell the data to hundreds of various commercial companies and intelligence agencies. Facebook will be also giving information about its users to governments that control the population.
Apparently, the intention for Facebook was to release the digital asset on top of the WhatsApp messaging application. The main market for the adoption of the Facebook Coin would be India and it would be embraced in order to process remittances. In the future, other platforms such as Instagram or messenger could eventually support the digital asset as well.