Facebook to launch a global crypto-currency

 

Facebook to launch a global crypto-currency   

Watch: https://www.youtube.com/watch?v=HV2NUQwlUDA

Facebook CEO Mark Zuckerberg is expected to unveil details of an ambitious plan for his company to create a new global crypto-currency. A white paper outlines a plan that is designed to create a new global currency. It will represent the entry of the social network site into the lucrative financial services market. The crypto-currency is called Libra. Facebook said it is aimed at the millions of people around the world who cannot get a bank account. Libra will allow people to send and receive payments anywhere in the world with minimal fees. The banking will be done online via the myriad of Facebook-owned apps. The 2.7 billion users of Facebook and WhatsApp will have access to the Libra crypto-currency.

Analysts say Libra has some similarities to the Bitcoin crypto-currency. However, a major difference is that Libra will be a more stable currency and will avoid the wild fluctuations in value that Bitcoin has experienced. Libra will be backed up by a basket of currencies, such as the dollar, euro and yen. It will also have the backing of major multi-national companies like Mastercard, PayPal, Spotify and Uber. The new crypto-currency could revitalize Facebook's fortunes. The finance company RBC Capital Markets said: "We believe [Libra] may prove to be one of the most important initiatives in the history of the company, to unlock new engagement and [generate new] revenue streams."


3. DIGITAL: Students A strongly believe digital currencies are better than traditional currencies; Students B strongly believe the opposite.   

4. NEW BANKS: What would the good and bad things be about these companies starting their own crypto-currencies? Complete this table.

 

Good Things

Bad Things

Facebook

 

 

McDonald's

 

 

Google

 

 

Nintendo

 

 

Mercadona

 

 

United Nations

 

 


6. MONEY: Rank these with your partner. Put the best kinds of money at the top.  

  • crypto-currency
  • PayPal
  • coins
  • debit cards
  • bank notes
  • Apple Pay
  • credit cards
  • cheques

 

Vocabulary

    Paragraph 1

      1.

unveil

a.

Of a minimum amount, quantity, or degree.

      2.

ambitious

b.

Money paid as part of a special transaction.

      3.

lucrative

c.

Show or announce publicly for the first time.

      4.

minimal

d.

A countless or extremely great number.

      5.

fees

e.

A plan intended to satisfy high aspirations and therefore difficult to achieve.

      6.

access

f.

Producing a great deal of profit.

      7.

myriad

g.

The right or opportunity to use or benefit from something.

    Paragraph 2

      8.

similarities

h.

An act or strategy intended to resolve a difficulty or improve a situation; a fresh approach to something.

      9.

stable

i.

Things that are kind of the same.

      10.

fluctuations

j.

Not likely to change or fail; firmly established.

      11.

backing

k.

Put new life, energy and vitality into something.

      12.

revitalize

l.

Support or help.

      13.

prove

m.

An irregular rising and falling in number or amount.

      14.

initiatives

n.

Show that something is true or real by evidence or argument.

 

Before reading / listening

1. TRUE / FALSE: Read the headline. Guess if 1-8 below are true (T) or false (F).

  1. Facebook's CEO has unveiled full details of a new crypto-currency.     T / F
  2. A blue paper will outline more details of the crypto-currency.     T / F
  3. The new crypto-currency will be called Virgo.     T / F
  4. The new crypto-currency will have very low fees.     T / F
  5. The article says the new crypto-currency has no similarities with Bitcoin. T / F
  6. The new crypto-currency will be backed by the dollar, euro and yen.     T / F
  7. A finance company said the crypto-currency could really help Facebook.  T / F
  8. The company said Facebook could create new ways of making money.    T / F

2. SYNONYM MATCH: Match the following synonyms from the article.

  1. unveil
  2. lucrative
  3. aimed
  4. minimal
  5. myriad
  6. similarities
  7. fluctuations
  8. backed
  9. revitalize
  10. initiatives
  1. boost
  2. great number
  3. targeted
  4. supported
  5. profitable
  6. parallels
  7. very little
  8. plans
  9. variations
  10. reveal

3. PHRASE MATCH: (Sometimes more than one choice is possible.)

  1. unveil details
  2. A white paper outlines
  3. the lucrative
  4. minimal
  5. done online via the myriad of
  6. a more stable
  7. avoid the wild
  8. backed up by a basket
  9. the backing of major
  10. generate new revenue
  1. financial services market
  2. of currencies
  3. Facebook-owned apps
  4. currency
  5. streams
  6. of an ambitious plan
  7. multi-national companies
  8. a plan
  9. fluctuations in value
  10. fees

Gap fill

Put these words into the spaces in the paragraph below.

myriad
account
outlines
fees
unveil
lucrative
entry
aimed

Facebook CEO Mark Zuckerberg is expected to (1) ____________ details of an ambitious plan for his company to create a new global crypto-currency. A white paper (2) ____________ a plan that is designed to create a new global currency. It will represent the (3) ____________ of the social network site into the (4) ____________ financial services market. The crypto-currency is called Libra. Facebook said it is (5) ____________ at the millions of people around the world who cannot get a bank (6) ____________. Libra will allow people to send and receive payments anywhere in the world with minimal (7) ____________. The banking will be done online via the (8) ____________ of Facebook-owned apps. The 2.7 billion users of Facebook and WhatsApp will have access to the Libra crypto-currency.

Put these words into the spaces in the paragraph below.

fortunes
stable
similarities
streams
backing
prove
major
basket

Analysts say Libra has some (9) ____________ to the Bitcoin crypto-currency. However, a (10) ____________ difference is that Libra will be a more (11) ____________ currency and will avoid the wild fluctuations in value that Bitcoin has experienced. Libra will be backed up by a (12) ____________ of currencies, such as the dollar, euro and yen. It will also have the (13) ____________ of major multi-national companies like Mastercard, PayPal, Spotify and Uber. The new crypto-currency could revitalize Facebook's (14) ____________. The finance company RBC Capital Markets said: "We believe [Libra] may (15) ____________ to be one of the most important initiatives in the history of the company, to unlock new engagement and [generate new] revenue (16) ____________."

Comprehension questions

  1. What kind of paper will outline the crypto-currency plan?
  2. What lucrative market did the article say Facebook is entering?
  3. What is the name of the new Facebook crypto-currency?
  4. How much will the fees be to use the crypto-currency?
  5. How many Facebook and WhatsApp users will have access to it?
  6. What did analysts say the Facebook crypto-currency is similar to?
  7. What did the article say the crypto-currency will avoid?
  8. What currencies will the crypto-currency be backed by?
  9. What music site is supporting the crypto-currency?
  10. What did a finance company say Facebook could generate?

Role play

Role  A – Cash
You think cash is the best form of payment. Tell the others three reasons why. Tell them what is wrong with their forms. Also, tell the others which is the worst of these forms (and why): crypto-currency, credit card or Apple Pay.

Role  B – Crypto-currency
You think crypto-currency is the best form of payment. Tell the others three reasons why. Tell them what is wrong with their forms. Also, tell the others which is the worst of these forms (and why): cash, credit card or Apple Pay.

Role  C – Credit card
You think credit card is the best form of payment. Tell the others three reasons why. Tell them what is wrong with their forms. Also, tell the others which is the worst of these forms (and why): crypto-currency, cash or Apple Pay.

Role  D – Apple Pay
You think Apple Pay is the best form of payment. Tell the others three reasons why. Tell them what is wrong with their forms. Also, tell the others which is the worst of these forms (and why): crypto-currency, credit card or cash.

Discussion - Facebook to launch a global crypto-currency

  1. What do you know about crypto-currencies?
  2. Does the world need a global currency?
  3. What do you think of the currency of your country?
  4. Should social network sites be creating crypto-currencies?
  5. Would you trust Facebook with your financial details?
  6. Would you use Facebook's new Libra crypto-currency?
  7. How might Libra change people's lives?
  8. How happy are you with banking services?
  1. Do you use payment services like Apple Pay and PayPal?
  2. What do you know about Bitcoin?
  3. Are crypto-currencies better than cash?
  4. Will Libra "revitalize Facebook's fortunes"?
  5. What are the dangers of crypto-currencies?
  6. How sad would you be if we stopped using cash?
  7. What questions would you like to ask Mark Zuckerberg?

Language — Cloze (Gap-fill)

Facebook CEO Mark Zuckerberg is expected to (1) ____ details of an ambitious plan for his company to create a new global crypto-currency. A white (2) ____ outlines a plan that is designed to create a new global currency. It will represent the (3) ____ of the social network site into the lucrative financial services market. The crypto-currency is called Libra. Facebook said it is aimed (4) ____ the millions of people around the world who cannot get a bank account. Libra will allow people to send and receive payments anywhere in the world with minimal (5) ____. The banking will be done online via the myriad of Facebook-owned apps. The 2.7 billion users of Facebook and WhatsApp will have (6) ____ to the Libra crypto-currency.

Analysts say Libra has some similarities to the Bitcoin crypto-currency. However, a major difference is that Libra will be a more (7) ____ currency and will avoid the wild fluctuations in value that Bitcoin has experienced. Libra will be (8) ____ up by a (9) ____ of currencies, such as the dollar, euro and yen. It will also have the backing of major multi-national companies like Mastercard, PayPal, Spotify and Uber. The new crypto-currency could (10) ____ Facebook's fortunes. The finance company RBC Capital Markets said: "We believe [Libra] may (11) ____ to be one of the most important initiatives in the history of the company, to unlock new engagement and [generate new] revenue (12) ____."

Which of these words go in the above text?

  1. (a)     veil     (b)     veiled     (c)     unveil     (d)     veiling    
  2. (a)     paper     (b)     magazine     (c)     journal     (d)     book    
  3. (a)     entry     (b)     enter     (c)     enters     (d)     entered    
  4. (a)     at     (b)     on     (c)     of     (d)     to    
  5. (a)     freeze     (b)     fees     (c)     feels     (d)     feeds    
  6. (a)     recess     (b)     excess     (c)     assess     (d)     access    
  7. (a)     staple     (b)     sable     (c)     stable     (d)     saddle    
  8. (a)     forwarded     (b)     fronted     (c)     sided     (d)     backed    
  9. (a)     basket     (b)     box     (c)     trolley     (d)     carton    
  10. (a)     revitalize     (b)     juvenile     (c)     juxtapose     (d)     tabulate    
  11. (a)     evidence     (b)     prove     (c)     witness     (d)     doubt    
  12. (a)     canals     (b)     channels     (c)     streams     (d)     brooks

Spelling

Paragraph 1

  1. Zuckerberg is expected to nuevil details
  2. an miaitbous plan for his company
  3. the cltariuve financial services market
  4. inimaml fees
  5. the rymiad of Facebook-owned apps
  6. have cecass to the Libra crypto-currency

Paragraph 2

  1. Libra will be a more tabsle currency
  2. avoid the wild uftutalicnos in value
  3. evtrlaiize Facebook's fortunes
  4. The ianfnce company RBC Capital Markets
  5. one of the most important titiaiivnes
  6. generate new everune streams

 

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