According to the latest study published yesterday by blockchain research company Diar, Facebook's payment-focused crypto, known as Globalcoin and scheduled to be launched in 2020, could face demographic problems.
The aim of this crypto is to bypass banking networks in order to eliminate financial barriers and reduce costs for the consumer, allowing a greater number of users to have access to banking services.
However, it seems that the social network has not taken into account a very important factor: its user base is ageing. This means that Facebook users are too old to understand the use of its crypto, while its younger users, who may be interested in it and could really understand how it works, lack the financial resources needed to use it in large volumes.
iHodl recently reported that Facebook plans to release its cryptocurrency by 2020. Mark Zuckerberg, the company's founder and CEO, consulted on the launch of the crypto-project with Bank of England governor Mark Carney. The social network is also negotiating with Western Union as it looks for cheaper and faster ways for people without a bank account to send and receive money.
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