After having to deal with strong opposition from government over the Libra project, a project that presents Facebook's coin as a threat to the Dollar, Facebook is taking a other approach to launching a digital currency this time around.
According to a report, this pilot by Facebook will be small in scale. It will primarily focus on transactions between individual customers. There could also be an additional option for users to purchase goods and services. This is a much more modest expectation for Facebook’s digital currency than proposed initially in 2019.
Source
Here is another approach for Facebook to get in the digital currency game, an approach that is less likely to be opposed and a move by Facebook to maintain dominance over social media. Providing payment system to its users is another way of keeping users on the platform.
Obviously this is nothing compare to decentralized social media platform like we have in HIVE, the advantages HIVE has over such a move from Facebook's Diem is HIVE itself is tokenized in various ways, it is just waiting for the masses to find their way here.
There are definitely going to be users of Facebook's Stablecoin, users that either don't care about their data or are unaware of their data being exploited.
All I can see here is we are in for a show of which currency will be most dominant, will it be decentralized cryptocurrencies, CBDC or Stablecoins?
We are no doubt at the beginning of transformation of money and it will be interesting to see how it all pans out but I'm certain the one I prefer (decentralized cryptocurrencies) is here to stay.
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I still learning something about posting here
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What are you struggling with? Feel free to ask for help myself or the community is open to help where possible 🙂
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thank you so much, I don't have leo 0.00 until now how do I get that leo where can get that
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Hive is on top of everything, as it is everything people need, social networks, apps and the ability to create economies.
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We've got almost everything a social platform needs in HIVE, some of which are not yet born yet.
HIVE is just waiting to be discovered.
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Yes, that's interesting. They still want to break into the crypto market somehow. It's a smaller ambition, but I think it's just one small step. If it's a success (and it probably will be, because a billion FB users don't distinguish between these coins...) they will go one step further. But their market is huge ...
Facebook is very ambitious, it is determined to get in on the blockchain world but in a centralized way. The Stablecoin coin might be successfully launched as it poses less threat to the USD
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