Zuck Bucks, named after Meta founder, chairman and CEO Mark Zuckerberg, will not be a common cryptocurrency. Meta, on the other hand, is leaning toward introducing tokens into apps that will be centrally controlled by the company – like tokens used in gaming apps – such as the Robux currency in the popular children’s game Roblox. Roblox has created a huge Robux sales business, and Meta may try to replicate this success on its platforms.
Meta has not completely distanced itself from blockchain products, as the company is also considering publishing and sharing NFTs on Facebook. The source said that the company plans to launch a pilot project in mid-May, and shortly thereafter Meta will conduct one test that allows “membership in a Facebook group based on NFT ownership, and another – to mint” NFT. The Financial Times previously reported on some Meta NFT plans for Facebook and Instagram in January, and in March Zuckerberg announced that NFTs would appear on Instagram.
In addition, Meta is studying “social tokens” or “reputation tokens”, which “can be a reward, for example, for a significant contribution to Facebook groups.” The company also appears to be studying traditional financial services such as small business loans.
Meta spokeswoman Lauren Dixon said the company could not comment on the situation. However, she confirmed that as part of metaverse technology development, Meta is examining what payments and financial services might look like.
Last week, the European Parliament voted in favor of controversial measures to combat money laundering. At the same time, lawmakers continued to discuss further strengthening of the regulation of the digital assets segment in the region, as a result of which unregulated cryptocurrency exchanges may be cut off from the EU financial system.
It should be noted that at the same time, European lawmakers are discussing the possibility of abolishing the lower limit on the size of transactions, about which exchanges must notify regulators. Such measures are explained by the fact that large transactions can be divided into several small ones, which will allow to continue to use cryptocurrencies for money laundering.