🌐 [Analysis] Facebook plans to become world’s biggest central bank? - Lance Ng

The announcement of Facebook's cryptocurrency by The New York Times has multiple implications, the largest of which being Facebook becoming a central bank. Major credit card companies will be pushed aside as users on-board to Facebook coin which will directly compete with Apple Pay and Google Wallet. Even there, however, Facebook has an advantage: they can be a one-stop-shop by bundling vendors, shoppers, and bankers into one smooth transaction process, not to mention the combined 2.7 billion users over Facebook's various apps. Still, Facebook has some legal questions such as data protection lurking around the corner. With the coin supposedly set to launch in late 2019, the answers will come sooner rather than later.