Would you trust Facebook to be your bank?

[Guest Jacob Siegal]

It's been a long time since Facebook was just a social media platform, and now the empire is looking to expand into yet another field. The Financial Times reports that Facebook is just weeks from obtaining regulatory approval in Ireland to offer services that would let users store their money, as well as pay and exchange that money with other users. Facebook would become an "e-money" institution, making the virtual currency valid throughout Europe.

 

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