Facebook Reveals Ambitious New Goal to Replace U.S. Dollar With Facecoin

“WeChat allowed people to take their money out at any time, but they also added more and more reasons for people to keep their money inside: paying hydro bills, buying food, booking vacations and more. Soon, no one was taking their money out.”

Livingston then thinks that the use of the blockchain

“Instead of working with regulators like WeChat did in China, Facebook can roll out a global financial system without needing to go through the time-intensive process of working with banking regulators country by country.”

To sum up the three-pronged strategy, Livingston thinks that the final step is to make it so that there is no need to take money out of Facebook’s applications. This will ensure that Facebook is making money from the project:

“New ways of spending money through the app will become simpler and more powerful than the previous alternatives. Soon, there will be no reason for anyone to take their money out.”

While no one can say for certain that these are Facebook’s intentions, there would certainly be strong incentives for individuals to begin investing in cryptocurrencies given that many think they would become as essential, if not even more important, than the U.S. dollar.