As we are now all aware, a Facebook coin is coming. The reports from Coin Telegraph are that it's going to be announced this month, which would be pretty phenomenal. And it could bring an extraordinary amount of exposure to the crypto space. Up until now, most people know very little about Bitcoin other than it's about the price of a used car, and when people try to use Bitcoin, which was difficult to get before Coinbase, it's expensive to send, to the tune of 200 Sat/byte or $3. 

So there are a lot of other crypto coins that are out there, but people don't know much about them and how they all work. And they hear that there are 3000 other projects like Bitcoin, built upon Satoshi Nakamoto's whitepaper, but they don't know how they work either. But they see that they are accepted on Canadian pharmacies or when they're betting on the Super Bowl sites, but crypto is not a part of their daily routine. All of that may be about to change. Facebook apparently will issue a coin that'll be available on WhatsApp, Instagram, and Facebook.com--pretty groundbreaking.

Additionally, from what I've read, they're going to be issuing some of the coins through like ATM standalone devices that you'd be able to use to stock-up. Internet sleuths have found out that it may be called "Libra", based on one of the trademark names that Facebook filed with the government here in the States. And they've already formed a European Organization to act as the coin's domicile, and lawyers are all over the task of keeping things reasonably in compliance. But we do know for sure that they've talked to the CFTC, and they're trying to keep it as aboveboard as possible. It's clear that there are people at the SEC and various government agencies that are taking a hard look at all of crypto in general and Facebook needs to be cognizant of this. When it comes to like a blue chip company like Facebook, they're going to be doing it right for their own self-preservation.

It's not only crucial for them but also other major players in the space as well. A lot of other people will be looking to Facebook to show what's the right way to go about these compliance issues. And even though most all tech companies may be much smaller than Facebook, most all organizations want to stretch what resources they do have to follow the letter of the law as best as you can to avoid costly litigation or problems later on.

I was at a conference not long ago, and a lot of the executives of some of these larger crypto projects were bemoaning the fact that there is no clear legal compliance framework for their projects. And when they enter North America, they have to spend a bunch on lawyers to give them counsel on what direction to take to encounter the least risk. Then they have to draft letters to politicians, and it's apparently a massive headache.

So for Facebook to start introducing some more mainstream integration where their billions of users would now use the crypto in their day-to-day existence would be magnificent. Hopefully, it'll get much more traction as time goes on than Google or Amazon's payment solutions. I'm encouraged that Facebook is taking the crypto angle to its peer-to-peer payment solution that it did. They're embracing the crypto community by including our leaders like Tim Draper and his contacts that are meeting with Zuckerberg to get a better handle on what exactly it is that is coming out this summer. I think Facebook could very easily and quickly be controlling the peer-to-peer financial space through the use of their "Libra" crypto coins. 

Whether having millions and millions of people using this coin daily will lead to an explosion in FinTech and interest in other cryptocurrencies is yet to be seen. That being said, it'll be interesting to see what Mark Zuckerberg and Facebook's crypto coin has in store.