Facebook’s New Gift To Users, New Digital Currency Like Bitcoin For Purchase

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The world’s leading social media company Facebook is soon to launch its digital currency. According to sources, Facebook had earlier named the digital currency (Libra), but now the name of the Facebook Cryptocurrency may be decided “Diem.” Facebook is likely to launch this Cryptocurrency in 2021. According to Facebook, this digital currency “Diem” will not only be used internationally but will also boost E-commerce. Through this digital currency, people will be able to earn more. However, the price of Cryptocurrency Bitcoin is currently very low, and investors in Bitcoin have suffered a major setback.

Partnership of 28 companies in digital currency

The initial news was that Facebook has partnered with about 28 companies around the world, including PayPal, Uber, to Libra digital currency. Facebook has constantly been active in the launch of Libra. Facebook has also completed the legal process to bring in cryptocurrencies. Facebook, which has been facing several criticisms in data privacy disputes, says it will keep the user’s bank details and all payment-related data safe.

Online transactions ...
... will be easier

Facebook says Diem will work on blockchain technology and can easily transact money. According to Facebook, a digital payment service based on blockchain technology may come up this year. Blockchain can be used on all Facebook platforms Messenger, WhatsApp, and Instagram. Facebook is also claiming that it will protect user data.

What is Diem

The Diem Association, which is the digital currency project group of Facebook, aims to launch the Diem as the single U.S. dollar stablecoin with over 26 corporate firms and non-profit organizations. One of the firms is a minority investor known as Novi, which is the digital wallet of Facebook. The primary payment system license applied with the Swiss financial regulator. The whole eCommerce transaction is going to be registered as a money-serving business in the books of the U.S. Department of the Treasury’s Financial Crimes Enforcement Network. The single U.S. dollar-backed Diem will be issued and managed by the Silvergate Bank in California.

Facebook can launch Libra in two sets. The first set will be Coin multi-currency, and the second set will be dollar-euro mix face value. Online transactions through Diem may cost a nominal fee. Facebook will launch the Diem in association with the digital currency project group Diem Association.

Digital currency Diem may have these benefits-

– Money transactions on Facebook, WhatsApp, and Instagram will be easier.

– Facebook digital wallet app will enable track of digital currency transactions.

– No extra charge on transactions of digital currency.

– There will also be a facility to buy & sell Diem.

Find out what digital currency is called

Digital currency is also known as cryptocurrency. In fact, it is a kind of virtual currency. The digital currency holder cannot touch it like a dollar or other currencies. This means that Cryptocurrency cannot be printed. This currency can be used only for transactions. No government or bank in the world controls this currency and can be used for purchase of goods or any kind of service.

While the news of cryptocurrency is still not a full-fledged currency for certain countries, people who are investing in it are earning huge profits by investing in this new-age currency. After Elon Musk Dogecoin support the value of Dogecoin increased and suddenly dropped after tweet which shows there are still some misconceptions in approval of crypto as a Digital currency which is different than crypto as per the financial experts.

As a private currency, its future can be predicted as safe, but without proper regulation and approval by Government Organizations the future if cryptocurrency is under scrutiny. But we can say that this Facebook currency can create a successful user base as Facebook is now like a country and for a country financial transaction needed, Facebook for business and Ads section creates a huge amount and after the launching of its own currency it is surely be used for selling and purchasing Facebook products, here also the acceptance of this crypto currency will be limited to as a private currency because it is not regulated.

META:

The world’s leading social media company Facebook is soon to launch its digital currency. Facebook is likely to launch this Cryptocurrency in 2021.

Source :- https://karenmintonwp.wordpress.com/2021/05/26/facebooks-new-gift-to-users-new-digital-currency-like-bitcoin-for-purchase/

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