Facebook considering its own bitcoin for payments

facebook
Credit: CC0 Public Domain

The Wall Street Journal reports that Facebook plans a cryptocurrency-based payment system that it could launch for billions of users worldwide.

The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin's value stable. Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value.

It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue.

The Journal report cited unidentified people familiar with the matter. It said Facebook is recruiting dozens of financial firms and online merchants to launch the network. Facebook's plans may include ways to financially reward users who interact with ads or other features.

Facebook says only that it is exploring many different applications for cryptocurrency technology.


Explore further

Facebook eases ban on cryptocurrency ads

© 2019 The Associated Press. All rights reserved.

Citation: Facebook considering its own bitcoin for payments (2019, May 3) retrieved 24 July 2019 from https://phys.org/news/2019-05-facebook-bitcoin-payments.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
20 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more