Mark Zuckerberg is studying a cryptocurrency that could help Facebook defeat Asian rivals.
“The world seems to live in a state of anxiety and disunity, and Facebook has a lot of work to do. It must protect our online community from hatred and abuse, but also from interference from national states and ensure that time spent on Facebook is useful. In 2018 we will try to solve these important problems. I know that we will not be able to solve all of them, but today we are making too many mistakes because we can not prevent the improper use of our platform . These are issues concerning history, ethics, philosophy, journalism, government and of course the technology. I look forward to bringing together expert groups to discuss these issues with. “
The CEO of Facebook talked about new personal challenges for his social network in 2018 that also mean reaching levels in the tech payments of Chinese competitors such as Alibaba and WeChat that today hold about 92% of the market share of mobile wallets in China . In one passage, according to experts, Zuckerberg would have launched a cryptocurrency lapse.
“With the rise of a small number of large technology companies – and with governments that use technology to control their citizens – many today believe that technology centralises power rather than decentralizes it (…) There are already counter-tendencies of this phenomenon – like cryptography and the world of cryptocurrencies – which remove power from central institutions and put it in people’s hands. But the risk is that they are too difficult to use. I’m interested in studying and analyzing the positive and negative aspects of these technologies and the best way to use them in our services “.
The cryptocurrencies that Mark Zuckerberg is currently “studying” could give Facebook a way to catch up with the tech payment. The payment features of Facebook have never really taken off. Through Facebook payments, users can link their Messenger account to a debit card and pay friends with a quick message, or make an e-commerce purchase through Messenger and Marketplace on Facebook. Facebook has already reported to past conferences that it will expand its payment business by including invoices and investment options, which WeChat Pay and Alipay have been offering for years.