Facebook Coin Sources Say That Stablecoin White Paper Will Come on June 18
Citing people familiar with the plans, the publication added strength to existing suggestions from both within and outside the company that its secretive cryptocurrency project would appear this month.
Previously, rumors had suggested it would be 2020 before Facebook made a commitment to bring its product, which should focus on remittances, to market.
“It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics,” TechCrunch states.
That date had also come from Laura McCracken, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe, who said in an interview with German finance magazine Wirtschaftswoche this week the stablecoin would not only involve a U.S. dollar peg.
“The value of Facebook Coin will be secured with a basket of fiat currencies,” she told the publication.
Facebook has caused an industry-wide stir with its noises about entry into the payments sector. Not just the social media platform, but sister companies WhatsApp and Instagram would also participate, executives said.
Criticism of such projects nonetheless remains, most recently coming from U.S. ratings agency Weiss Ratings, which in a dedicated blog post claimed tech firms’ ultimate goal was not to broaden the appeal of cryptocurrency, but to take business away from the banks.
“Longer term, Bitcoin and other cryptocurrencies are now in a long-term bull market. And one key reason is their powerful potential to truly disrupt the financial system as we know it today,” developer Juan Villaverde wrote.
“Still, many analysts don’t see it that way. They think it’s apps like Apple Pay, Google Pay and Alipay that could challenge the global financial system, even ‘replacing banks’ with their new payment platforms.” The post noted:
“I believe that’s a collective delusion. …
Some issuers of initial coin offerings have started to change the terminology they use to refer to their token sale in a bid to evade the attention of regulators — the hawkish U.S. Securities and Exchange Commission (SEC) in particular. With research finding that fewer than half of ICO projects make it past the first few months of their token sale, regulators have become increasingly concerned about ICOs, many of which have turned out to be elaborate scams.
Also read: Top 10 Undervalued Cryptocurrencies Wіth Grеаt Pоtеntіаl fоr 2019
In 2017, Tokenpay fancied itself as an initial coin offering, targeting to raise $41 million by selling a part of the total 25 million of its Tpay tokens to the public. Today, the company, which was attempting to build a ”secure blockchain payments platform,” denies having floated an ICO at all, to the point of claiming its token was valueless.
“We never conducted an ICO,” Tokenpay stated
in a fire-fighting tweet, to an unconvinced audience. “We bartered our unique blockchain coins called $Tpay for one called $BTC,” it retorted, adding: “Nowhere will you find any suggestion of an implied investment or offering of any sort. In fact, every single page on the whitepaper and website states that the coin has no value.” …