Facebook to Use Independent Foundation to Manage Cryptocurrency
By Luke Flowers – Crypto Speculator
The Information reported that social media giant Facebook is to permit control of its cryptocurrency to an outside or independent backers. This is a move they claim will inspire trust in the digital currency system to encourage users to buy and sell cryptocurrency as well as reassure financial regulators.
In the past couple of months, Facebook has reached out to financial institutions and tech companies to contribute capital to the foundation and also manage the cryptocurrency’s network. Their digital token, codenamed Libra, is expected to be released on June 18th. It has been developed to work as a borderless currency without having any transaction fees attached to it. It is likely to be marketed in developing countries where there is less trust in government-backed coins; allowing them to sell crypto and transact freely.
Facebook also plans to licence the right to operate nodes on its new digital currency network, where companies can be charged $10 million each for the privilege. Node operators can send a representative to the outside foundation. The social media giant hopes to launch Libra with over 100 nodes, thereby generating over $1 billion in licencing fees.
Afterward, Facebook will use these fees to back its digital currency with many different currencies and low-risk securities from various countries. This suggests that users will easily be able to exchange their Fiat or cash out crypto into the stable coin.
Libra will operate mostly as Facebook’s app environment, but the king of social media is planning to collaborate with merchants for it to be accepted as payment. Besides that, Facebook is also planning to introduce physical crypto ATMs in order to have local currencies exchanged for its token to get involved with buying and selling crypto.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards