According to the report of media, Facebook plans to launch its cryptocurrency in the first quarter of 2020. As for more details related to this new currency, they plan to reveal it in summer this year before the testing for it starts.
The currency which is currently being referred to as the ‘GlobalCoin” will be available to nearly dozens of world countries at its launch date. The currency is expected to offer people not only affordable but also secure payments without them needing any bank account.
The currency before its launch needs to overcome several of the technical as well as regulatory hurdles before it could be publically launched. According to media sources, Mark Zuckerberg, the CEO of Facebook had a meeting with the governor of Bank of England, Mark Carney to discuss all the opportunities along with risks of the digital currency.
The main hurdle that Facebook will encounter is going to be from India where they have taken a strict stance against cryptocurrencies. Facebook hopes that with their cryptocurrency, worker living abroad will be able to send the money to their families back in India easily by the use of Whatsapp.
In addition to all this planning, Facebook is now also in talks with the US Treasury along with money transfer firms such as Western Union to discuss the issues about the currency.
The news about Facebook’s interest in launching its very own cryptocurrency was heard back in May last year. The news at that time was presented by the former President of PayPal David Marcus who has also served his time on the board of directors for the cryptocurrency firm Coinbase.
According to media reports, the GlobalCoin is going to be a stablecoin which is also going to be equivalent of the US currency in the company’s attempt to minimize any volatility.
Still, in the light of recent scandals towards Facebook, the company needs to work a lot harder in order to retain the trust of its users on GlobalCoin.