Facebook Plans to Become World’s Biggest Central Bank?

Facebook, the social media giant, is making its own digital currency and could become the largest bank in the world.

Between Messenger, WhatsApp and Instagram - all of which Facebook owns - there are a collective 2.7 billion users. If Facebook decides to back the value of its own digital coin with a basket of foreign currencies, then it could potentially become the largest central bank in the world. Currently the two largest credit card companies in the world are Visa and MasterCard. 

If Facebook issued its own digital currency, and all its users had a Facebook mobile wallet with Facebook coins in it, then the need for credit cards will continue to diminish.

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