Facebook money

© iStock.

According to the New York Times, Facebook is planning to roll out its own cryptocurrency. Facebook money would be good on its WhatsApp messaging application, allowing users to send money to friends and family. Unlike other, speculative cryptocurrencies, Facebook money wouldn’t fluctuate based on supply and demand, instead being pegged to the value of traditional currencies, providing users a measure of stability (outside of a world-wide crisis of course). We’re not sure why Facebook isn’t just banking on a traditional payment system, like PayPal or Venmo, avoiding all the traditional pitfalls of cryptocurrencies. Unless it’s because they have other, greater designs than the mere transfer of money between WhatsApp users? That said, since Facebook isn’t in the good books of the authorities, the media or the public right now, maybe now isn’t a good time to launch a new financial tool based on the blockchain.

⇨ The New York Times, “Facebook and Telegram are hoping to succeed where Bitcoin failed.”