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Facebook could be your next bank

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According to the Financial Times, Facebook is only weeks away from getting approval from Ireland’s central bank for a service to allow its user to store money on the site and exchange it with friends.

If the deal goes through, the company would be able to issue its own ” E-money” which would be valid throughout Europe in a process known as “Passporting.”

The social network is also talking with at least three other London start ups, that offer international money transfer services both online and on smartphones.

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