Facebook will release a new digital currency into the market GlobalCoin, which aims to help users send and receive money. The purpose is to release it as soon as the first quarter of 2020. The information was released by the BBC in a recent article.
Facebook Ready to launch GlobalCoin in 2020
According to the report, the social media giant wants to enter the crypto game with a virtual currency currently being tested. The virtual currency is called GlobalCoin, and it can be used in various platforms such as Instagram, Facebook and WhatsApp.
It is worth mentioning that the company has already spoken to the Bank of England and its governor Mark Carney. The goal is to comply with authorities in different countries to avoid legal issues, which Facebook uses in many jurisdictions. According to the BBC, Mark Zuckerberg, the founder of Facebook, met Mr. Carney to discuss the risks and opportunities of launching a crypto competition.
Not only does Facebook speak to regulatory agencies, but it is also in conversations with other companies such as Western Union who are searching for cheaper and faster ways for people to send and receive money around the world.
The digital currency is expected to be used for payment, even if users do not have a bank account to handle the money they have. They also want to lower existing barriers for users to be able to access fast and cheap transfers wherever they are.
This project is called Project Libra, and it is also related to a blockchain network that wants to be connected with banks and people. The purpose is to work with these financial institutions for individuals to exchange dollars and other currencies with GlobalCoin created by Facebook.
Although there were different rumors about this digital currency and the project that Facebook had, the company has never commented on the matter. This shows that Facebook will have everything under control and secret until most of the work is done, tested and confirmed.
There are other social networks and messaging apps that have also decided to launch their own digital assets, including Kik, with their KIN token, or Kako from South Korea. This will help users and individuals to get faster and cheaper services to send and receive money.
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