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Facebook cryptocurrency will be launching next year, according to a BBC report.
The social media giant is said to be in contact with financial regulators of both the U.S. and the U.K. concerning its plan of launching its cryptocurrency in 2020.
The launch of Facebook Cryptocurrency
The target launch of the so-called “GlobalCoin” will be on the first quarter of next year and will be available in about a dozen countries.
According to BBC, Facebook met with U.S. Treasury officials and Bank of England governor Mark Carney last month to address technical and regulatory hurdles. Opportunities and risks of the planned virtual currency were also discussed.
It added that the social media giant would reveal its plans this northern hemisphere summer. Testing of Facebook cryptocurrency begins later this year.
The BBC report also mentioned that Facebook has been in talks with money transfer firms like Western Union, to discuss operational issues concerning the planned digital currency.
Facebook is gearing up to launch its own cryptocurrency as soon as next year: https://t.co/qSlTNSUcqV by @BillyBambrough pic.twitter.com/ylp0FaOyxa
— Forbes Crypto (@ForbesCrypto) May 27, 2019
The future of Facebook Cryptocurrency
Facebook’s growing interest in blockchain technology under its Project Libra was widely reported recently. The ambition was first heard last May following the hiring of previous PayPal president David Marcus to lead Facebook’s new blockchain division. David was also a former member of the board of directors for Coinbase.
According to previous reports, Facebook cryptocurrency would be designed to become a “stable coin.” Unlike the anarchy observed with digital currencies like bitcoin, the currency of Facebook will be pegged to the U.S. dollar to minimize volatility.
The new currency is expected to offer users a more secure and affordable mode of payment without opening a bank account.
Aside from minimizing volatility, experts noted that the social media giant would need to make a lot of effort to gain the trust of users after it suffered from a series of scandals over its privacy issues.
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