Wednesday, July 17, 2024

Facebook tries cryptocurrency once again

By DAC000 , in Cryptocurrency Facebook Libra , at December 22, 2020 Tags: , ,

Facebook, stung by the harsh and coordinated backpack to Libra, is once again pushing it’s rebranded crypto, Libra. About a two minute read.

Comment: Facebook is nothing, if not tenacious. But reading deeper, I’m sensing desperation on the part of Zuckerberg, et al for one simple reason: Facebook is past it’s sell by date. Younger, more digitally savvy users are flocking to Tik Tok, Instagram and a bevy of alternative social media. Facebook is desperately trying to stay relevant, and views global, electronic payments as a key lockup. However, banking regulators across most developed nations view global, electronic payments offered by Facebook as mechanism to facilitate money laundering and other illicit activities. Note the paragraph about Facebook’s lack of a banking license, and their attempts to dodge this requirements. All this while Facebook is facing increased government scrutiny for it’s well documented lack of control over content. This won’t end well for Facebook.