Facebook all set to introduce ‘GlobalCoin’ cryptocurrency next year

According to a report published in the BBC, Facebook will be introducing their own cryptocurrency in 2020. Titled as ‘GlobalCoin’, the cryptocurrency-based payment system is expected to launch in a dozen countries by the first quarter of next year. Moreover, the social media giant will start the testing phase for the same by the end of this year.

To carry on the project effectively, Facebook is discussing the opportunities and the regulatory issues of cryptocurrency with the official at the U.S. Treasury and Mark Carney – the governor at the Bank of England.

The Financial Times also reported details about Facebook’s project and claims that Zuckerberg’s team is having talks with both the Coinbase and Gemini exchanges seeking to prepare third party, regulated platforms for user’s transactions.

Here, it should be noted that Gemini is a firm founded by Mark Zuckerberg’s old legal opponents. However, they are now running a highly regulated exchange – a factor that is definitely appealing to Facebook as regulation is one of the most prominent hurdles faced by a new digital currency.

The company has also been discussing market creation and liquidity with a Chicago-based trading firm – Jump and DRW.

Previously news was making rounds that Facebook is in talks with payment firms including Visa, MasterCard, and Western Union. As per the reports, Facebook is initiating the platform to allow billions of users transfer money and make online purchases with ease.

Facebook has also registered a new entity called the ‘Libra Networks.’ The registration process took place in Geneva on May 2, aims to provide financial, and technology services to develop related hardware and software.

Last month, it was also reported that Facebook is looking to raise around $1 billion for the funding of its crypto stablecoin project.

Facebook is planning to launch 'GlobalCoin' currency in 2020

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