Facebook Plans to Launch GlobalCoin Cryptocurrency in 2020 - Reports
Facebook intends to launch its own cryptocurrency called GlobalCoin next year and is expected to announce details this summer, media reported on Friday
Tests of GlobalCoin should begin in late 2019, and payments with this cryptocurrency will be available in about a dozen countries by the first quarter of 2020, BBC said.
According to the broadcaster, Facebook CEO Mark Zuckerberg met with the Governor of the Bank of England Mark Carney last month to discuss the opportunities and risks associated with the launch of the digital Currency. The company also sought advice on operational and regulatory risks from representatives of the US Treasury, the broadcaster said. Negotiations are ongoing with money transfer companies, including Western Union, the media added.
According to the Financial Times newspaper, Facebook is also in talks with cryptocurrency exchanges Coinbase and Gemini, and also two high-frequency trading companies about the launch of its cryptocurrency.
In December, media reported that Facebook was working on creating cryptocurrency for making money transfers via WhatsApp messenger, which is owned by Facebook. It was clarified that the company was developing stablecoin, a cryptocurrency anchored to the US Dollar in order to minimize its volatility.
Facebook is one of the world's largest social networks. Facebook, founded in February 2004 by Zuckerberg, is headquartered in Menlo Park, California. It boasted 1.56 billion daily active users. As of March 2019. Facebook also owns Messenger, WhatsApp and Instagram.