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Payments on Facebook, Bloomberg study, IMF report

12/18/2018
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  • IMF_cryptocurrency
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Facebook has set up a working group to create a payment system, a Bloomberg cryptocurrency study. IMF report on the importance of new financial instruments.

Facebook and cryptocurrency

It became known that Facebook is working on creating its own payment system. In the spring of 2018, a team of 40 experts in the field of blockchain was created. Its leader was David Marcus, who had previously been president of PayPal.

The task of the Facebook Blockchain team is to launch a payment system capable of exploiting the potential of a huge number of users. Now the audience of the social network is more than two billion users. Moreover, it is planned to make payments without the involvement of traditional banking products. This news is good for the blockchain as a whole, it may not be very positive for Bitcoin and other traditional cryptocurrencies. Flowing liquidity into new assets can change the balance of power.

Facebook and cryptocurrency

Bitcoin death is a myth

A number of studies have shown how controversial society’s attitude to cryptocurrency is now. Thus, the resource 99bitcoins reports 334 publications in the press with the words "the death of Bitcoin." However, Bloomberg did its research. As a result, it was found out that during 2018 the number of verified users doubled. More than 57% of companies are engaged in one or another activity in the blockchain.

Another important fact is that the price of cryptocurrency continues to be high. Although Bitcoin has lost more than 85% of its capitalization, it is 250% more than at the beginning of 2017. Industry representatives see no reason to wind the operations down. Although they recognize that the current situation forces them to limit development plans.

Bitcoin death is a myth

IMF Cryptocurrency Report

The International Monetary Fund has published a regular report on cryptocurrencies. It says that already 15 Central Banks have expressed openness towards new assets. China, Canada, Norway, Sweden and Switzerland were among the countries interested in promoting digital financial technologies and the blockchain.

The position of the IMF on this issue was stated by its head Christine Lagarde. She said that the foundation supports the efforts of regulators to develop the industry. Although the blockchain mechanism and its consequences are not yet fully understood, it can solve several important problems. It was noted that national cryptocurrencies will be able to increase the availability of banking products for ordinary citizens.

More from IMF's report

IMF Cryptocurrency Report

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