Will Meta issue a cryptocurrency that won’t be a cryptocurrency?

Meta (formerly Facebook) is planning to issue a cryptocurrency that will not be a cryptocurrency. This is not the first or even the second time Zuckerberg’s company has tried to create a financial instrument, but so far it has not gone beyond rumors in the media.

This time, the information came from the Financial Times. According to their information, the Meta team is currently working on a product that is internally called Zuck Bucks. It is unlikely that Zuck Bucks will be a full-fledged cryptocurrency — instead, Meta is leaning towards the introduction of tokens in applications that will be centrally controlled by the company.

Meta has not completely rejected the idea of blockchain products — the company is also considering publishing and exchanging NFTs on Facebook (and Instagram, as we have previously reported). The FT reports that the company plans to launch a pilot project in mid-May, after which hypotheses will be tested and a further development vector will be chosen.

In addition, Meta is studying «social tokens» or «reputation tokens» that «could be issued as a reward, for example, for significant contributions to Facebook groups.» This, however, resembles ordinary tokens, and not something that could be equated at least to NFTs in the context of financial benefit and value.