Who will trust a Facebook bank?
How this will ultimately sit with policy makers and regulators is another question. After the
Banking and financial services are built on consumer trust and Facebook is overdrawn in the trust account. Bankers’, politicians’, policy makers’, and regulators’Whilst the last decade has been a decennium horribilis for the banking sector, from the Lehman Brothers sub-prime mortgage driven bankruptcy to the Wells Fargo account fraud scandal, consumer trust and confidence in banks has also been eroded.
It went something like this: If Mark Zuckerberg had of charged you $10 for a utility token Facebook Coin when you signed up to Facebook years ago, to develop a user profile product that is sold to advertisers and third party data providers, which allowed you to buy your own profile product with the coin and populate it with data you chose, you would now be participating in a share of the revenue or the $485 billion market capitalization generated by Facebook, and we would likely have 2.
In any event, the Facebook Coin is reported to be a stablecoin, and is not a utility token, and stablecoins in the various guises show great promise for useful applications.
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