Facebook’s Cryptocurrency Moves Forward Showing Adoption by Large Firms
Several rumours spread on the internet related to Facebook launching a stablecoin or a virtual currency for users on its WhatsApp messaging application. The main intention behind it is to help individuals to receive and send payments in the remittance market in India, where WhatsApp penetration is important.
Although Facebook developing a virtual currency is something that should be positive, it is generating antagonistic opinions among the community. In one hand, there are people that believe Facebook’s decision to enter the crypto market shows that blockchain technology and virtual currencies are being legitimized. On the other hand, Facebook is a company that has been involved in many controversial issues with the users’ data that it handled.
Clearly, the technology behind Bitcoin and virtual currencies is expanding among the most powerful companies all around the world. In general, this is something that must be considered positive. However, there are individuals that do not like this situation. Cryptocurrencies are a synonym of independence and privacy and have been trying to create a new financial system far from banks and traditional financial corporations.
If the growth of these stablecoins created and backed by large corporations continues, it might have an influence in the creation or enhancement of privacy coins. While Facebook would clearly use a stable virtual currency that has the information of the sender, the receiver and the funds transacted other virtual currencies such as Monero (XMR) would play an important role.
Facebook would not include privacy features on its virtual currency. Why? Regulatory agencies are following Facebook very closely. The popular social media company will not be trying to generate more conflicts adding support to an anonymous virtual currency that could be used all over the world.
However, Facebook developing a virtual currency is something that confirms that the technology is useful and it can be used for transferring funds from one place to the other. Of course, there will be people opposed to it, but there are some positive things related to this decision.