Regarding Facebook's cryptocurrency

And of course Facebook Messenger Payments launched in the US in 2015 and expanded to Europe two years later.But FaceCoin is different; FaceCoin is on a blockchain. And it would be huge, and important, and wonderful, if Facebook were to make remittances 10x cheaper and faster … but that would require much more than fast international stablecoin transfers, because, again, those stablecoins are not legal tender at their destination, and I don’t know if you’ve noticed but businesses tend to have this whole thing about receiving legal tender.So, yes, it’s great if you can send five thousand FaceCoin to your family in Ghana for an 0.1% fee. Then you could buy a thousand FaceCoin for US dollars in Houston; send it to your brother in Ghana, at the speed of the Internet (or maybe in a few minutes, depending on how FaceCoin’s blockchain works); and when he wants to spend it, he just pushes a button on his phone to convert it at the day’s rate into cedis in his MTN Mobile Money account, courtesy of Facebook’s Ghanaian exchange partner, in exchange for a tiny percentage of that rate.That would be a huge, huge deal. First, it would offer seamless, immediate, user-friendly international remittances, which itself would be massive (the remittance market is roughly half a trillion dollars a year.) Second, it would allow anyone with a phone and the Facebook app to maintain a personal account in stablecoins backed by a basket of hard currencies.