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Facebook eyes Proprietary Cryptocurrency

Reports that Facebook is considering its very own form of cryptocurrency could reignite the digital bitcoin boom.

Got any digital change?

The word is in the wind that Facebook may be looking to facilitate payments across its platforms and services with its very own monetary system.

The new endeavour is to be headed by David Marcus, head of Facebook Messenger, but the plan could take years to implement.

Blockchain technologies are far from standardised, and the problem of handling large transaction volumes needs to be solved.

Future plans

Mark Zuckerberg has previously stated that Facebook is open to experimentation with new blockchain solutions and to keep striving for a reliable cryptocurrency.

Zuckerberg also claims that encryption and cryptocurrency “take power from centralised systems and put it back into people’s hands,” even though “the people” in this case would be, well, Facebook.

What are your thoughts on cryptocurrency? Do you think it will take off yet? Give us your thoughts in the comment section below.

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