Facebook starts building digital currency in Switzerland
A recent report revealed that Facebook has set up a company known as Libra Networks in Switzerland, which is developing payment systems and blockchain for the social networking giant.
According to the report published in CNET, Facebook's electronic currency will be linked to the US dollar, and therefore can remain stable in contrast to the "Betcquin" currency that crashed. "Facebook created the Libra network in Geneva a few weeks ago, Name of the internal project of the social network of the digital currency ".
According to the report, the Swiss company will focus on developing software and hardware for currency-related functions such as payments, blockchain, analytics, data and identity management, but Facebook declined to comment on the new report.
According to a report in the Wall Street Journal earlier this month, the social networking giant "recruited dozens of financial firms and merchants online" into its encoded currency system, which uses a digital currency similar to the Betquin coin. The New York Times Said in February that Facebook had a team of 50 people working on its virtual currency project.
Mark Zuckerberg said in an interview with Harvard law professor Jonathan Zetrin in February that he was "probably interested" in putting Facebook into the Qin Block technology. "I am thinking of going back to decentralized authentication or Block Qin, I have not found a way to make it work, but this is about authentication and granting access to your information and services fundamentally different. "
According to Zuckerberg, Block Qin can give users greater authority when granting data access to third-party applications. Facebook has more than 2.38 billion users worldwide and will allow them to make payments using a virtual currency such as Bitcoin.
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