When the world is rapidly moving towards cryptocurrency adoption and the leading firms are using digital currency and blockchain technology then why Facebook should lack behind and therefore previous month Facebook registered a firm named as "LIBRA" with the United States Patent and Trademark Office, which is said to be a part of 'Facebook's veiled project.
According to the Cointelegraph, Facebook has hired cryptocurrency compliance experts, to ensure that its digital assets will be decentralized and therefore Facebook has come to this conclusion to cede control of the cryptocurrency to the third party. Though, it is stated to be true that these cryptocurrency compliances are willing to pay $10 million to validate transactions on the networks for 'Facebook's native token and to act as a node.
He said Facebook would be smart to build its stable coin on a public, open blockchain infrastructure,
"I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure. And that public infrastructure could be incorporated onto all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they 'don't try to own it, I think 'that's where they will have the most success."
Olaf Carlson Wee is the CEO of Polychain Capital. He now serves as a chief investment officer. The crypto fund counts famous Silicon Valley investment funds as its clients, and it recently crossed $1 billion in assets under management. Also added, "If big technology companies want to put their resources toward building public peer-to-peer crypto infrastructure, I would be ecstatic."
According to a tweet on May 3rd, Kraken Exchange tweeted that we respect the quest for sound money, but @Peter Schiff is wrong when he says "there is no way that people are going to work for salaries paid in the Bitcoin."
Kraken also added, "By the way, the employee who took 100% Bitcoin in 2012 retired in 2013."
Kraken paid salaries to their 250 employees in the Bitcoin (BTC) during the April month, and more of their employee are opting for cryptocurrency every month. Kraken 800 employee in total out of which 30% are being paid in digital currency.
Where on the other side, Binance one of the 'worlds' top cryptocurrency exchanges are planning to introduce an array of the other stable coins besides U.S dollar, like Binance GBP which will nearly be equivalent to the British pound.
Wei Zhao, the Binance Financial Chief Officer, said that "From the user perspective, only certain portions of the world use the dollar. Other users use other currencies, and we feel it should be reflected in stable coins as well."
First of all, the value of cryptocurrency like the Bitcoin highly unstable, and it could rise or fall dramatically which may lead to a level of uncertainty among the employee to get their pays in digital coins.
Another aspect of it, there are countries like the United States where employee should get paid in cash or checks to some extent if not entirely.
Moreover, in many countries, it is still not clear how such earnings should be taxed.
However, besides these issues, Facebook is ready to introduce globally accepted stable coins which will be further used to integrate as a payment tool which will be used to process the transaction on social media platforms like, Facebook, WhatsApp, and Instagram and it will be accessible through ATMs.
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