Earlier this week, a Nobel Prize-winning economist squared off with a Facebook executive over whether the social media giant could be trusted to create a cryptocurrency.
The world’s banking payment system is going to be tokenized on a blockchain, according to the head of Goldman Sachs. In a discussion of Facebook’s new Libra cryptocurrency with the French news site Les Echo on June 28, Goldman Sachs CEO David Solomon said he finds the “principle interesting” and the fifth-largest American bank, does “extensive research on the concept of tokenization.”
The tech giants are coming for the banks. If there’s one message to be taken out of Facebook’s aggressive push into blockchain-based payments via its new cryptocurrency, libra, it’s that Facebook is now also a FinTech company.
Expanding its user base to the “unBooked” in the developing world won’t replace us high-dollar users in wealthy countries. But giving users $50 to try out the new payments system would show users than Facebook does respect and value your data and privacy.