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Facebook ‘considering its own bitcoin for payments’

The system would use a digital coin similar to bitcoin, but Facebook would aim to keep the coin’s value stable.

(Dominic Lipinski/PA)
(Dominic Lipinski/PA)

Facebook is planning a cryptocurrency-based payment system that it could launch for billions of users worldwide, according to reports.

The Wall Street Journal said 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 sources saying Facebook is recruiting dozens of financial firms and online merchants to launch the network. The social network’s plans may include ways to financially reward users who interact with ads or other features.

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

PA

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From Belfast Telegraph