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Facebook to launch virtual currency-based payment system, says newspaper | Bitcoin and Virtual Currencies

Facebook will launch a cryptocurrency-based payment system. The information was released on Friday (3) by the US newspaper The Wall Street Journal. According to the publication, the social network is recruiting finance companies to help launch Project Libra as the plan is being called internally,

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The idea of ??Facebook introducing a digital currency, so that its more than 1.5 billion users can transfer money between themselves and spend on Facebook and other sites. If successful, the project will rival Apple Pay, Apple's payment system.

Facebook is working on its own payment system Photo: Tainah Tavares / TechTudoFacebook is working on its own payment system Photo: Tainah Tavares / TechTudo

Facebook is working on its own payment system Photo: Tainah Tavares / TechTudo

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To put the plan into practice, the company tries to raise $ 1 billion in investments and recruit partners to help launch. According to the report released by the newspaper (which cited people familiar with the subject as its source), the social network approached Visa, Mastercard and the payment processor First Data, as well as e-commerce and application companies, offering perspective on processing fees. of void card. The report also says that the idea is to support the dollar reserves currency to be less volatile than bitcoin and other cryptocurrencies. The system would function as other payment options, such as PayPal, that people could use across the Internet.

The company is also considering paying users money off currencies to watch ads, interact with other content, or make purchases on its platform, similar to the work of rewarding credit card loyalty points. Probably, by acting as an effort to induce people to try to use the new system. Bloomberg and The New York Times previously reported that Facebook was developing a digital currency to allow money transfer via WhatsApp.

PayPal, the most popular online broker, should be one of Facebook's Project Libra competitors Photo: (Photo: Divulgao / PayPal)PayPal, the most popular online broker, should be one of Facebook's Project Libra competitors Photo: (Photo: Divulgao / PayPal)

PayPal, the most popular online broker, should be one of Facebook's Project Libra competitors Photo: (Photo: Divulgao / PayPal)

It is speculated that the introduction of this new system may be a growing response to the privacy and security concerns of social network users who have been involved in data leakage policies for years. Cryptocurrencies claim to offer anonymity and security. However, risks such as misused, misused or stolen deposits still raise a warning.

Mark Zuckerberg wrote on Facebook last January that he was interested in deepening and studying the positive and negative aspects of technologies (encryption and cryptocurrency), and how to best use them in our services. Coincidentally or not, the businessman's website weeks later banned advertisements promoting financial products and services often associated with misleading or deceptive promotional practices, including binary options, initial currency offers, and cryptocurrency.

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