There have been rumors that social networking giant Facebook will launch a virtual currency project, which is dedicated to improving the existing financial system and financial services. The latest rumors that Facebook has completed the final development of the virtual currency project, so if successful, Facebook will officially launch virtual currency next year.
The virtual currency launched by Facebook will work with Western Union financial institutions so that users without bank accounts can also transfer money by means of virtual currency. However, based on anti-money laundering risk control, Facebook is still negotiating with the US government and the US Treasury to obtain regulatory approval and issue specific licenses. Then, based on the user’s real name, the data is sent to the anti-money laundering risk control agency to ensure that the money transfer will not be used for money laundering and other violations.
Of course, since it is a natural need to circumvent fluctuations in the financial system and improving financial services, conventional virtual currencies such as Bitcoin have large fluctuations. This may cause losses in the price fluctuations caused by user transfers, so Facebook is also prepared to link virtual currency to legal tenders such as the US dollar. In this way, if the user transfers money abroad, it will be exchanged based on the US dollar and the local legal currency exchange rate. Usually, such currency exchange rate fluctuations are much lower.