Heard on the Street: To succeed in payments, Facebook needs to focus less on crypto engineering and more on how and why its social-media users use payment apps
Facebook’s plan to reinvent money owes much to the runaway success of payments via social media in China, only with a crypto spin.
The problem it will bump up against in the U.S. and Europe is that consumers already have decent mobile-payment options using established currencies, regulations and financial plumbing. A few specific cases such as cross-border transfers aside, it also isn’t clear what obstacle Facebook’s cryptocurrency would overcome.
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