Other players in the cryptocurrency and Blockchain industry should be worried. And very important, we think banks should beware! Below is what tech expert, Nnamdi Ekekwe wrote about it.👇 “Facebook is out to build the global single currency which will work agnostic of location or market. With this business model, Facebook will not have to monetize WhatsApp via advertising. This is a game changer; it implements that agnostic special single currency for Africa at global level. By developing a proprietary stablecoin with local flavors, Facebook will mirror local economies and currencies, and in the process makes it easier for merchants to price products based on the coins since they are directly linked to the values of the local currencies. For example, one Facebook Stablecoin-NG could equal 10 Nigerian Naira; that reduces ambiguity and makes the conversion localized.
It is possible very soon we will see a crypto linked to the Nigerian Naira for Facebook users in Nigeria. How? It is simple: if Facebook can make one tied to US dollars, it can easily translate that to the Naira. Possibly, Facebook would emerge as the operating system for consumer blockchain ecosystem for the next Internet. Facebook has the scale to make any coin an immediate winner in the world.