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Facebook Coin Can Replace US Dollars, Really ...?

Written By Hanny & Melissa on Thursday, April 11, 2019 | Thursday, April 11, 2019

Speculation regarding Facebook Coin is getting stronger. After Ross Adam Sandler, Internet Analyst from Barclays said Facebook Coin had a big chance of making a profit, this time more sharp speculation came from Ted Livingston, CEO Kik. Livingston believes Facebook Coin may be intended to replace the US dollar as a global currency.

Called Livingston, Facebook seems to be trying to help workers in foreign countries send money to families in their home countries. Livingston refers to WeChat as a model that Facebook might emulate with the Facebook Coin project.

WeChat is a popular social media and cellular payment application in China. Like WeChat, Facebook might want to put the US dollar into a closed online payment system where Facebook Coin can represent that currency. Because, rumored Facebook Coin is likely to be pegged to the dollar as well as stable coins like USDT.

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Livingstone predicted Facebook could potentially attract two benefits from a system like WeChat. First, Facebook service users can transfer money at a lower cost. Secondly, there will be a reason for users to save their money on the Facebook system.

"WeChat allows users to withdraw their money at any time, but WeChat also adds many features so that users save their money in WeChat, such as paying water bills, buying food, booking holiday tickets and more. Over time, fewer people are withdrawing their money from WeChat, "explained Livingston.

Workers who work abroad often experience difficulties, such as high costs, when they want to send money to their home country. To overcome this, Facebook is suspected of giving priority to remittance services.

Every year, foreign workers send hundreds of billions of dollars to their families and friends in their home countries. now, the shipping process is slow, expensive and complicated, with an average cost of US $ 14 to send US $ 200. If Facebook can provide a way for people to send money to their families for free, it will revolutionize the lives of tens of millions of people , added Livingston.

Tracking money transfers in the process of remittance will be done using the blockchain, so Facebook can activate the payment feature in their application without having to have permission as a bank.

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Instead of cooperating with regulators like WeChat in China, Livingston said Facebook could build a global financial system without having to go through a time-consuming process of collaborating with financial regulators in each country, thanks to the blockchain.

After that, Facebook is called to try to keep the money stored in the system stored in and regulated in such a way that Facebook benefits from the many people who use the system.

Livingston also emphasized that Facebook can add various ways for users to spend their money directly in the application, such as paying bills. There will be a variety of new and easier and more effective ways to spend money through the Facebook application. (ccn.com/ Author)

To note, Facebook plans to launch Facebook Coin in India by integrating it on WhatsApp. India was chosen because it is one of the largest remittance recipient countries in the world.

If the Facebook Coin project is successful in that country, it is estimated that Facebook can expand its operations to other countries such as the Philippines, Mexico, Egypt and Vietnam so that Facebook Coin has the potential to compete with US dollars.

Previously, Binance's CEO Changpeng Zhao (CZ) gave a welcome speech to JPM Coin and Facebook Coin. According to CZ, both JPM Coin and Facebook Coin will encourage the overall adoption of the crypto industry.

He also said, in a decentralized world, anyone is free to do anything as long as it does not hurt or harm others. Binance's CEO emphasized that ideological differences are not a reason to hinder JP Morgan or Facebook from using blockchain technology.

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