Facebook's cryptocurrency plans may be more ambitious than we thought

Facebook is building something related to cryptocurrencies — that much we know.

But a new report by the Wall Street Journal claims the company is talking to financial giants in order to launch a crypto-based payment system that could turn the global payments space on its head. 

SEE ALSO: Bitfinex and Tether accused of $850 million cover-up by New York Attorney General

According to the report, Facebook is talking to "dozens" of financial firms and online merchants about its upcoming crypto product, codenamed "Project Libra". 

The basic idea is still roughly the same one we've heard in reports from December 2018 and February this year — a crypto-based payment network and an accompanying stablecoin (a cryptocurrency tied to the value of a traditional asset, like the U.S. dollar), that would allow Facebook users to send and receive money.  Read more...

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