FaceBook, GlobalCoin and the US Dollar

Facebook-Global-Coin-2020 (1)Jasmin Cowin, Ed.D.

A few days ago, Laura Mccracken, Facebook’s head of financial services in Northern Europe, announced that Facebook will release the White Paper for their cryptocurrency GlobalCoin (nicknamed Project Libra) on June 18th, 2019. (https://lnkd.in/d5rk7FC). Here my concern: Will Facebook through GlobalCoin pose a threat to the US Dollar? GlobalCoin will be a stablecoin. Stablecoins are cryptocurrencies designed to minimize the volatility of the price by being pegged to a currency, or to exchange-traded commodities such as precious metals or industrial metals. GlobalCoin will be pegged to a “basket of fiat currencies”. The Wall Street Journal reported that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency. “Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency. The crypto will operate within the company’s messaging infrastructure – WhatsApp, Instagram, and Facebook Messenger.” quoted from Nikhilesh De, https://lnkd.in/dNtzMcC hashtag#GlobalCoin hashtag#ProjectLibra hashtag#stablecoin hashtag#Facebook