Facebook: Top secret you fit no know about 'Globalcoin' crypto-currency

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Concerns dey wit Facebook plan to operate crypto currency because di company don dey for di news because of how dem dey handle dia user information.

US Senate and Banking committee write open letter to Facebook oga Mark Zuckerberg and for di letter dem ask di currency go and how dem go protect consumer information.

Tori be say Facebook dey finalise plans to launch dia own own crypto-currency next year. Di plan na to set up digital payment system inside 12 kontries by di first quarter of 2020.

Di social media giant wan to start to dey test e own crypto-currency, wey dem don already dey call GlobalCoin, by di end of dis year.

BBC Pidgin follow block chain expert for Nigeria, Lewis Ogunboye tok about di mata and he tok say cryptocurrency na blockchain technology and he safe pass di regular internet wey dey.

"If Facebook no port enta blockchain technology dem fit die natural death. Dis one na internet 3.0 and na higer form of di current internet. Plenty pipo wey wan compete with Facebook wan use blockchain do dia own social media. Facebook know say dem don get wahala ontop pipo data, na why dem dey embrace blockchain because na way dem fit get dia credibility back."

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Ogunboye add say di move by Facebook go benefit Nigerians because dis one na money by di pipo for di pipo and e no dey regulated by organisations like Central Bank.

"If you dey Nigeria and decide to dey use cryptocurrency, e mean say economy of Nigeria no go affect you and you no dey bound by di economy. Di thing go put money inside di hands of Nigeria and di value na di same around di world."

"Many companies don start to dey accept cryptocurrencies, even some schools dey collect school fees for cryptocurrency. Debit card even dey wey you fit carry go any ATM and e go give you money for di kontri"

Even though pipo for Nigeria dey use different forms of cryptocurrency, Central Bank of Nigeria never approve am for transactions.

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Financial analyst, Oluwatosin Olaseinde tell BBC Pidgin say di move go dey major sake to say plenty Nigerians dey use Facebook.

"Anything wey dey promote trade among small businesses go benefit di economy especially for ones wey dey depend on platforms like Facebook to do dia business. Bitcoin na di largest cryptocurrency for di kontri and e dey trade volumes around N1billion a week. I no expect Facebook cryptocurrency to trade big volumes for di first few months but if dem get convertibility with naira, e go dey major"

Central Bank of Nigeria tok for 2018 say di dealers and investors of crypto currency for Nigeria no dey protected by di law.

How Facebook crypto-currency go work?

Facebook dey expected to show di full plans dis summer and e don already speak to Bank of England governor Mark Carney.

Founder Mark Zuckerberg meet Mr Carney last month to discuss di opportunity dem and risks wey dey inside launching crypto-currency.

Facebook don also collect advice on operational and regulatory issues from oga dem for US Treasury.

Di company dey also do tok-tok wit money transfer company dem including Western Union as e dey eye cheaper and faster ways for pipo without bank account to send and receive money.

Facebook want to create computer money wey go provide cheap and secure ways of making payments, weda or not di user get bank account.

Di social networking site, wey also get WhatsApp and Instagram, dey hope to shake table networks by breaking down financial barriers, competing with bank and reducing consumer costs.

Dis mata wey dem call alias Project Libra, Facebook plans for digital currency network na for December dem first announce am.

Facebook dey also do tok-tok wit wsome online merchants to accept di currency as payment in return for lower transaction fees.

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