Facebook will release a new digital currency to the market called GlobalCoin, which aims to help users send and receive money. The purpose is to release it as fast as in the first quarter of 2020. The information was published by the BBC in a new article.
Facebook ready to launch GlobalCoin in 2020
As the report says, social media giant wants to enter the crypto area 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 be consistent with regulatory agencies in different countries to avoid legal issues that Facebook uses in many jurisdictions. According to the BBC, Mark Zuckerberg, the founder of Facebook, met Mr. Carney to discuss the risks and opportunities to launch a cryptocurrency.
Not only does Facebook talk to regulatory agencies, but it is also in conversations with other companies such as Western Union that are looking for cheaper and faster ways people can send and receive money around the world.
The digital currency is expected to be used for payments even though users do not have a bank account to handle the funds they have. They also want to lower existing barriers to users in order to access fast and cheap transfers wherever they are located.
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 intention is to be with these financial institutions for individuals to change the dollar and other currencies of GlobalCoin created by Facebook.
Although there were various rumors about this digital currency and the project that Facebook had, the company has never commented on the case. 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 with faster and cheaper services to send and receive money.
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