Facebook Coin: After Mark Zuckerberg Announces Focus on Cryptocurrency, Rumors Arise

Mark Zuckerberg, CEO of Facebook, announced on January 4, that the company will include cryptocurrencies as one of the areas of focus this year.

In line with their efforts to decentralize Facebook and bring the power back to the people. Zuckerberg made the statement this week claiming that decentralization is a central issue for the technology sector.

The leading social network CEO has been making a personal challenge for himself every year since 2009. In 2018, he wants Facebook to have better encryption and cryptocurrency as one of the company’s top priorities.

Part of his statement reads:

“There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

Due to various scandals involving Facebook such as invasion of people’s privacy, Zuckerberg acknowledges that technology the need to move forward on its promise to decentralize the power for the people. He also recognizes that ‘bringing back power for the people’ is part of the Facebook mission statement.

Brain drain: executives pursuing Blockchain interests

In fact, two of its senior executives have taken a serious interest in Blockchain technology and moved to other companies to pursue such interest. Facebook messaging VP, David Marcus, has already joined Coinbase as a board member in late 2017, while Ripple has also snatched one of their communications executive in 2017.

Facebook Coin to rival with Bitcoin soon?

Such move could potentially tap into unchartered yet promising territories that will allow Facebook to rival Alipay and WeChat Pay as both giants have been leading in social networking and payments in China.

Meanwhile, others speculate that the move is to build its own cryptocurrency in an attempt to undermine the currently leading cryptocurrency Bitcoin since the Winklevoss twins – Zuckerberg’s widely known nemesis – are prominent backers of it.

Facebook’s shift towards decentralization and cryptocurrency has also fueled rumors of potentially empowering people by allowing its users to send Facebook Coins or even global payments and remittances through its Messenger.