Facebook considering its own bitcoin for payments

Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value. (File/AFP)
Updated 03 May 2019
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Facebook considering its own bitcoin for payments

SAN FRANCISCO: The Wall Street Journal reports that Facebook plans a cryptocurrency-based payment system that it could launch for billions of users worldwide.
The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin’s value stable. Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value.
It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue.
The Journal report cited unidentified people familiar with the matter. It said Facebook is recruiting dozens of financial firms and online merchants to launch the network. Facebook’s plans may include ways to financially reward users who interact with ads or other features.
Facebook says only that it is exploring many different applications for cryptocurrency technology.


Saudi justice minister, Azerbaijan PM discuss ways to boost bilateral ties in the field of judiciary

Updated 8 min 57 sec ago
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Saudi justice minister, Azerbaijan PM discuss ways to boost bilateral ties in the field of judiciary

RIYADH: Saudi Justice Minister Dr. Walid Al-Samaani, who is also president of Supreme Judicial Council, met Azerbaijan Prime Minister Novruz Mammadov in Riyadh on Tuesday. They discussed ways to enhance bilateral ties in the field of judiciary.

The justice minister said the two countries are keen on developing relations and boosting cooperation in the judicial field within the framework of the memorandum of understanding and programs signed between them.

He said the Saudi Justice Ministry has developed a special strategy to strengthen international partnerships with friendly countries. He said his ministry wants to share experiences, technology and training procedures with its counterparts in other countries.

Al-Samaani also highlighted the achievements of the Saudi judicial system under the leadership of King Salman and Crown Prince Mohammed bin Salman.

He pointed out the digital services recently introduced by the ministry to facilitate the procedures.