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Baledwyr

Facebook's cryptocurrency-based payments system gets big backers: WSJ

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(Reuters) - Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

 

Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter.

The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.

Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.

 

Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Richard Chang

Our Standards:The Thomson Reuters Trust Principles.

 

https://www.reuters.com/article/us-facebook-crypto/facebooks-cryptocurrency-based-payments-system-gets-big-backers-wsj-idUSKCN1TE3EE

 

PERSONAL COMMENT:

 

Will this become the future digital dollar or the cyber ruble?

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Look at how much shady behavior already surrounds banking practices with current, government-backed currency. Now imagine that the government has no control over it because it's an online currency controlled by a small number of mega-corps. It's not good news, in my opinion.

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