Facebook's cryptocurrency, which it will announce shortly, could be a powerful force for good in developing countries. Facebook will likely pay interest to its users. It's likely to become a powerful force in capital markets, to raise all kinds of regulatory issues, and it also to benefit bitcoin.
”). If Facebook doesn’t share these interest spoils with users, a chorus of critics will loudly publicize how much money Facebook and its partners are pocketing.
But there’s a side benefit—the brouhaha this issue could create would reveal the magnitude of corporate welfare at the heart of the US banking system. The 2.35% number is the actual interest rate the Fed pays its member banks for interest on excess reserves —and this year it’s projected to amount to, which equates to roughly half the amount the US spends on its food stamp program.
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