Wow! So first Facebook banned all advertising of any cryptocurrencies on their website and now they are launching their own cryptocurrency! Hah! It all makes sense now! Back then we were wondering why would they ban cryptocurrency ads on Facebook? What would they loose out of it? How would this affect them? When in fact they would loose revenue from these advertisers. They did this in order to protect their own future currency!
Facebook considers creating a cryptocurrency to be used for transactions between billions of its users, US media reported, citing anonymous sources privy to the matter.
People in the know told the Cheddar financial news website that the US social media giant was very serious about this plan, a year after it began looking at the new technology.
Facebook has recently created a team of less than a dozen employees who will work on blockchain, a digital leger that keeps track of digital tokens, such as bitcoin.
But the website said Facebook’s cryptocurrency plans will likely take years to materialize. Cheddar cited sources as saying that the network was not going to hold an initial coin offering.
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