Some think this Facebook digital token will be linked to bitcoin, others say not it will be pegged to the dollar and some suggest it will be pegged to a variety of foreign currencies held in foreign bank accounts. It could be that Zuckerburg’s plan is not to replace the central banks but to replace the commercial banks. With the central banks on side aiding a centralized cryptocurrency, underwritten by Facebook, Facebook could become not the new Paypal, but the new World Bank. One question will be whether Facebook is trusted enough by consumers to operate as the world’s digital global coin? A new world bank, introducing the world’s digital global coin will need the biggest transactional platform possible of course.

Source: Forbes June 04, 2019 16:18 UTC