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Top roundup: From Facebook’s Libra coin to Islamic tokens, cryptos will change your world

Cryptos are no fad, not when Facebook is putting its reputation on the line with Libra's Global Coin

Facebook wants to create a digital currency that provides affordable and secure ways of making payments, regardless of whether users have a bank account Telegram’s privacy policies resulted in the messenger being banned in China, Iran and, in recent news, it is attempting to be blocked in Russia ASA Ventures will issue sukuk tokens, consisting of one security token and two utility tokens for asset management and property management, compliant with Islamic principles

Facebook is leveraging its network power to launch its most ambitious crypto project to date.

Project Libra in 2020

BBC.com reported that Facebook is finalising plans to launch its own crypto-currency next year.

Facebook wants to create a digital currency that provides affordable and secure ways of making payments, regardless of whether users have a bank account, BBC said.

Facebook is hoping to disrupt existing networks by competing with banks and reducing consumer costs using a digital payments system in about a dozen countries by the first quarter of 2020.

Project Libra, as it is known, started testing its crypto-currency, and will see it join forces with banks and brokers that will enable people to change dollars and other international currencies into its digital coins.

Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney, and sought advice on operational and regulatory issues from officials at the US Treasury.

“The firm is also in talks with money transfer firms including Western Union as it looks for cheaper and faster ways for people without a bank account to send and receive money,” reports BBC.

“It is believed that Facebook and its partners want to prevent wild swings in the coin's value by pegging it to a basket of established currencies, including the US dollar, euro and Japanese yen.”

Garrick Hileman, a researcher at London School of Economics, estimated that around 30 million people use crypto-currencies today, compared to Facebook's 2.4 billion monthly users.

Read more: Crypto goes big time: Size not price matters

Telegram launching TON in Q3

Telegram  is an instant-messaging, cloud-based service with client-side, open-source code, developed by Telegram Messenger LLP, founded by Pavel Durov. Telegram is famous for its privacy features, such as server-client encrypted messages, optional end-to-end encryption for voice calls and end-to-end encrypted “secret” chats that delete information after some period of time.

Telegram’s privacy policies resulted in the messenger being banned in China, Iran and, in recent news, it is attempting to be blocked in Russia.

The company will purportedly launch its Telegram Open Network (TON) in the third quarter of 2019, according to crypto news site The Block.

The TON network will supposedly host decentralized applications, similar to the Ethereum network.

In February, an apparent purchase agreement for Telegram’s Gram tokens — the TON network’s native digital currency — stated that such contracts will be rendered null and void if the network does not launch by October 31, 2019. The firm raised almost $1.7 billion in two private initial coin offering rounds last year. The platform boasts over 200 million users.

Islamic real estate cryptos

Dubai-based venture capital firm ASA Ventures joins blockchain investment company IBC Group Limited to introduce Gallery Sukuk Token Offering (Gallery STO) under the GST Offering Group, according to PRNewswire.

“The joint venture will manage the buy-out and tokenization of real estate assets in the UAE and Portugal. The group will issue sukuk tokens, consisting of one security token and two utility tokens for asset management and property management, all fully compliant with Islamic (Sharia) principles,” PRNewswire said.

The tokens are representative of underlying assets, in this case a 200-apartment vacation rental portfolio in Dubai Marina currently valued at $100 million.

Gallery STO is to be introduced at this year's Malta Blockchain Summit, and the SAFT launch will be announced at later date, during which 2,000,000 available tokens will be offered. Further announcements will be made as to when the tokens are expected to be publicly offered.

Bitcoin getting more acceptance

CEO of Morgan Creek Capital Mark Yusko says bitcoin (BTC) should be in every investor’s portfolio in an interview with CNBC on May 22, reports Cointelegraph.

Yusko remarked that he thinks BTC investments will far outperform the S&P 500 investment fund over the next 10 years.

“Bitcoin is a great diversifying asset. It has very low correlation. It should be in everybody’s portfolio.”

Yusko has previously been very bullish on bitcoin, going on record predicting a $400,000 high for the cryptocurrency at some point.

"This will change the supply and demand equation for banking. It is that big. I'm not surprised at all that bankers, financiers and Saudi Princes are coming out against it. This is a truly disruptive technology.”

Bitcoin as of May 24 is trading at $8.011 .