By CCN: According to local reporting, Facebook’s Global Coin might soon be used to value barrels of oil, according to one wide-ranging article about the impact of technology on the Russian economy.
Warning that further American dominance in technology will likely lead to increased sanctions and other problems for Russia, including trade and tariff imbalances.
What Does Global Coin Mean for the Globe?
The Russian government has been back and forth about the fate of cryptocurrency in the large region. On the one hand, they might end up with regulations that require one to be a qualified investor to buy cryptocurrency. On other, the Kremlin is pushing for rules to be completed as soon as possible.
Russians are primarily concerned with expanding their energy industry and gaining regional dominance over whatever they possibly can. In a potential bid to boost local technology companies, the Russian government recently gave itself the authority to enact a “kill switch” for the outside Internet. The legislation sparked massive protests.
Using Global Coin, Facebook’s forthcoming crypto offering, as a new way to measure the price of oil would indicate that it’s likely to be a widely useful crypto. One question, of course, is why they don’t just use Bitcoin or some other standard crypto asset? The source, Igor Sechin, explicitly “admits” that Facebook’s crypto will be used in the “near future.”
If we consider the massive size of Facebook’s user base, and the potential impact on stores to accept it, especially in places where people travel from all kinds of countries, then Facebook’s crypto might have some legs. People suddenly don’t need to worry about a currency exchange when they get to the airport – they use GlobalCoin. These are problems that any crypto could traditionally solve, but GlobalCoin has the added benefit of coming preloaded with a massive number of users.
Why Facebook Coin?
The Facebook crypto project comes loaded with other questions as well. For example, if people can be banned from the platform for their political beliefs, that means that if the currency gains much dominance, those people will be increasingly cut out of the financial system.