Facebook will be releasing a new digital currency to the market called GlobalCoin that aims at helping users send and receive money. The intention 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
As per the report, the social media giant wants to enter the crypto space with a virtual currency that is currently being tested. The virtual currency is known as GlobalCoin and it could be used in different platforms such as Instagram, Facebook and WhatsApp.
It is worth mentioning that the company has already been talking with the Bank of England and its governor Mark Carney. The goal is to be compliant with regulatory agencies in different countries to avoid legal problems, which Facebook uses to have in many jurisdictions. According to BBC, Mark Zuckerberg, the founder of Facebook, met Mr. Carney to discuss the risks and opportunities of launching a cryptocurrency.
Not only Facebook is talking with regulatory agencies, but it is also in conversations with other firms such as Western Union that 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 payments, even if users do not have a bank account to deal with the funds they have. They also want to lower the existing barriers for users to be able to have access to fast and cheap transfers regardless of the place where 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 join forces with these financial institutions for individuals to change dollars and other currencies into the GlobalCoin created by Facebook.
Although there were different rumours about this digital currency and the project that Facebook had, the firm has never commented on the matter. This shows that Facebook wants to 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 its KIN token, or Kako from South Korea. This would help users and individuals have faster and cheaper services to send and receive money.