Why Facebook Wants To Launch Its Own Currency
Business Today Malaysia|July 2019

Opportunity from ecommerce and payments is huge

Why Facebook Wants To Launch Its Own Currency

If any company can take a cryptocurrency mainstream, it is Facebook.

More than two billion people log into its family of apps and increasingly they want to buy things and send each other money.

Facebook’s answer, according to several people familiar with its secretive “Libra” project, will be to try to launch a “stable coin”, a digital currency pegged to the dollar.

If successful, the Facebook coin could not only allow payments and transfers within the Facebook empire but could also be stored on digital wallets and spent in shops or exchanged into traditional currencies.

“Facebook has all the prospects to propel crypto into everyday lives…in the next three to five years,” said one well-known payments veteran, who spoke on the condition of anonymity.

But “there are headaches to be worked out,” the executive added, questioning how small businesses that end up with a stockpile of the currency would be able to account for it on their books, for example.

Facebook declined to comment.

FOLLOWING IN FOOTSTEPS OF WECHAT

How the digital currency would be backed is as yet unclear, as stable-coins can normally be purchased and redeemed for dollars at a fixed 1:1 ratio. It is also not clear how the coin will be issued, stored or transferred, and what role blockchain technology will play.

Many interpret the move as a bid to follow in the footsteps of so-called “super apps” such as China’s WeChat, that allows users to send money, shop, order taxis and play games without ever having to leave the one platform.

According to an earlier report by the Wall Street Journal, Facebook may encourage transactions by rewarding its users with the currency if they view ads on the platform, in a similar way to the collection of loyalty points.

Denne historien er fra July 2019-utgaven av Business Today Malaysia.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra July 2019-utgaven av Business Today Malaysia.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS TODAY MALAYSIASe alt
Time Aortic Abdominal Aneurysm
Business Today Malaysia

Time Aortic Abdominal Aneurysm

The Aortic Abdominal Aneurysm happens when the wall of the blood vessels starts to weaken which forms an Aneurysm that is commonly known as balloon-like dilation.

time-read
2 mins  |
December 2021
The Lexus ES 250 Features A New F Sport Variant
Business Today Malaysia

The Lexus ES 250 Features A New F Sport Variant

The 2022 Lexus ES facelift has arrived in Malaysia- First unveiled at Auto Shanghai 2021 in April this year.

time-read
3 mins  |
December 2021
Heading: Try -180°C Therapeutic Treatment Called  Cryotherapy To Improve Overall Health
Business Today Malaysia

Heading: Try -180°C Therapeutic Treatment Called Cryotherapy To Improve Overall Health

Health has gained a significant attention in this pandemic and being at your best form is a good way to fight the current problems in every aspect of health from fitness, depression, pain management, sports injury, antiageing, weight loss and beauty.

time-read
2 mins  |
December 2021
Is It Too Late To Start Investing In Bitcoin?
Business Today Malaysia

Is It Too Late To Start Investing In Bitcoin?

The noise around Bitcoin has risen sharply in the last month after the world’s most popular cryptocurrency reached its all-time high on 9 November 2021. With all the talk of its price continuing to grow, it is easy to think that it might be too late to start investing in Bitcoin. However, it is not too late and, in fact, Bitcoin adopters are actually early. Bitcoin, and cryptocurrency in general, has received mainstream adoption and looks to be around for years to come.

time-read
4 mins  |
December 2021
Smart SBB To Boost Farmers Income
Business Today Malaysia

Smart SBB To Boost Farmers Income

Director-General for the Ministry of Agriculture and Food Industry (MAFI), Azman Mahmood, in a special meet the media session, led the pre-launch briefing of Project Smart Sawah Berskala Besar (Smart SBB) a day before the official launch by his Minister.

time-read
3 mins  |
December 2021
Budget 2022 – Seizing The Right Moment
Business Today Malaysia

Budget 2022 – Seizing The Right Moment

The recent data point suggests Malaysia will stand to benefit from the global recovery.

time-read
3 mins  |
December 2021
Power Of Role Model – How The Habits Of Parents And Kids Are Interrelated?
Business Today Malaysia

Power Of Role Model – How The Habits Of Parents And Kids Are Interrelated?

A new global survey, commissioned by Kaspersky, explores the role of healthy digital habits in the family, as well as the effect of parents’ behavior on children and vice versa

time-read
3 mins  |
December 2021
Better Late Than Never, But Act Now
Business Today Malaysia

Better Late Than Never, But Act Now

The world should now be more aware of likely COVID-19 devastation unless urgently checked. Last week, the World Health Organization (WHO) announced an US$8 billion plan to quickly vaccinate many more people to expedite ending the pandemic.

time-read
4 mins  |
December 2021
Accelerates MSMEs Digitalisation Journey
Business Today Malaysia

Accelerates MSMEs Digitalisation Journey

97.2% of businesses in Malaysia are made up of Micro, Small and Medium Enterprises (MSMEs). This important business sector plays a significant role in the Malaysian economy by contributing 38.2% of Malaysia’s Gross Domestic Product (GDP). MSMEs also contributes significantly in providing job opportunities.

time-read
6 mins  |
December 2021
Business Today Malaysia

Leadership That Can Prevent Toxic Workplaces And High Turnover

“It is our organisation’s mission to create the largest and most productive coworking community in Malaysia & moving forward, South East Asia,”

time-read
2 mins  |
November 2021