June 11, 2019
It appears that the long-rumored launch of Facebook’s own cryptocurrency is just around the corner. Laura McCracken, the Head of Financial Services at the Northern European branch of Facebook, has shed some light on the corporation’s plans concerning the launch of the proprietary digital coin in the interview to WirtschaftsWoche (Economic Weekly), a popular German business magazine.
She told the reporter that the global crypto community should pay particular attention to the news on June 18, because that is the date when Facebook might reveal the official whitepaper for the wildly anticipated cryptocurrency. The document is expected to contain all of the essential information about the coin, such as its scope of application, technological foundation, and, possibly, the date of the commencement of token distribution.
Obviously, most people are interested in its economic specifications, in particular, the list of fiat currencies to which it would be pegged. Many surmised that the price of this coin would be in direct correlation with as many as four currencies, among which are the US Dollar and the British Pound.
One of the well-known tech news outlets had already received a request from the Facebook’s blockchain development team regarding the introduction of a news embargo until the mentioned date, which begs to imply that this would be the actual date of whitepaper publication. The company’s HR officials, however, refused to issue any official comments with regard to this newly surfaced information.
Certainly, even if Facebook does plan to release the whitepaper on that particular date, it can be postponed due to numerous reasons, both legal and technical, just like it happened in the case of TRON, another eagerly expected cryptocurrency from the creators of Telegram, a similarly popular social messaging service.
This interview happened during the Money20/20 Europe conference that took place a few days ago in Amsterdam. Funnily enough, McCracken has disclosed this presumably confidential information accidentally since she was surprised that this fact hadn’t been made public yet. Or perhaps it was a publicity stunt devised to raise even more hype around the cryptocurrency, the name of which is still subject to speculations. While BBC insists that Facebook will label it GlobalCoin, other reputable crypto news outlets convince that the corporation went for another codename - Libra. The latter presumption is substantiated by the fact that the social media behemoth has registered a new fintech company earlier this spring in Geneva, Switzerland. Based on the information obtained from the state commercial register, the primary scope of activity of the newly founded entity lies in the development of blockchain-enabled payments, along with the analysis of the related data and investment opportunities.
Even though this entire story has been shrouded in mystery, it seems that the rollout of the Facebook Coin, whatever its name would be, will become fait accompli rather soon. From what it is already known, this cryptocurrency will take the form of a stablecoin backed by multiple fiat currencies. Facebook will delegate the function of overseeing the operations related to its coin to an independent foundation that must purchase the right to run the node, which is seen as a legal loophole that Facebook could use to mitigate the regulatory risks.
In any case, the introduction of this cryptocurrency will definitely become one of the biggest events in the crypto world this year. But whether or not it would be capable to impact the standings of other cryptocurrencies is something that remains to be seen.
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