Why does this centralized stablecoin need to be crypto? It's not like they need to raise funding for this.
They could have made their own boring but extremely well positioned WePay / Paypal alternative ages ago, and instead they waited until cryptocurrencies are past peak hype to launch this. Puzzling.
I guess the only thing they have to sell here is the privacy aspect of crypto, but I doubt you'll get effective privacy from Facebook on any Facebook platform, crypto or not.
They will not be able to get around know your customer laws. I don't know why people insist on thinking that they can get away with money laundering if they rub a little crypto on their financial transactions.
How is this different from the "digital coins" e.g. gems in pay to win games then? They don't give me a bank account, but it's still digital money, but not a cryptocurrency.
Many businesses exclusively accept WeChat and Alipay. So there is a mechanism for paying rent, utilities and tax. Otherwise they would run out of cash.
To replicate that level of success, Facebook must create a mechanism to convert tokens back to cash.
So the tokens are basically just used to get past regulations. Facebook will then gather some hard numbers to show that crime is negligible. Sensible governments will tolerate the tokens because it's replacing physical cash where crimes like tax evasion are rampant.
Yes. The biggest fans of Bitcoin have been all about the privacy and freedom of the coin but unless you have perpetually perfect opsec what actually happens is total information awareness. Everybody knows what everybody else is doing.
They could have made their own boring but extremely well positioned WePay / Paypal alternative ages ago, and instead they waited until cryptocurrencies are past peak hype to launch this. Puzzling.
I guess the only thing they have to sell here is the privacy aspect of crypto, but I doubt you'll get effective privacy from Facebook on any Facebook platform, crypto or not.