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Facebook is open for currency-linked stablecoins for a Scale project

WASHINGTON (Reuters) – Facebook Inc’s (FB.(O) the face of a growing skepticism about the digital currency, the project Scale, but on Sunday said the initiative would be able to use the cryptocurrencies, based on a national currency such as the dollar, instead of the synthetic one, in the first instance, been proposed.

FILE PHOTO: A 3-D-printed with Facebook logo is seen on the AMERICAN dollar notes in this diagram are a photo, the 18th of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo

David Marcus, who was at the head of the Scale, a project for Facebook, told a banking seminar by the group, the main goal is still to create a more efficient system of payment, but was open to looking at alternative methods for the conversion of the token to be used.

“We can do it differently,” he said. “”In lieu of a type of unit … we have a range of stablecoins a dollar stablecoin, a dollar stablecoin, the pound sterling, a stable currency, etc., etc.” Mark told the panel.

“We could certainly approach it with an abundance of stablecoins that, on behalf of the national currency, in a tokenized form of digital data,” he said. “It’s one of the options that need to be considered.”

Mark said that he was not suggesting the currency-linked stablecoins, the new value that you want.

“What we are doing is the mission, and there are a number of ways to go about it,” Marcus told Reuters after the panel, adding that the Scale is the need to demonstrate a lot of flexibility.”

The Facebook-led project has suffered severe setbacks earlier this month, as a major payment companies Mastercard Inc (MA.(N) and Visa Inc (V. N), the process of new business partners in order to stop the group behind the project.

Other key members who have withdrawn from the contained Volume, eBay Inc. (EBAY).D) and reserves Holdings, Inc. (BKNG.And PayPal’s Holdings, Inc. (PYPL.D).

Global policy-makers and regulators are also concerned that the creation of a new synthetic global currency, it could upend the global financial system and threaten users ‘ privacy, and the facilitation of money laundering.

The group of 20 finance leaders on Friday agreed to the strict regulations on cryptocurrencies, and said stablecoins are allowed to be issued to several global risks have been addressed.

Marcus told Reuters that Facebook was focused to June 2020 with the launch of the balance, but acknowledged that it would miss that goal due to regulatory constraints.

“We’ll have to see. That’s still the goal,” Mark told Reuters when asked if the recent departures of a number of key partners in the project would delay the scheduled 2020 launch.

“We have always said that we would not move forward unless we address all of his or her legitimate interests and the proper endorsement. Therefore, it is not entirely up to us,” he said.

Reporting by Andrea Shalal; Editing by Lisa Shumaker

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