Facebook will launch a new digital currency called GlobalCoin to help users send and receive money. The release is scheduled for the first quarter of 2020. The information was published 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 room with a virtual currency that is currently being tested. The virtual currency is called GlobalCoin and can be used on various platforms such as Instagram, Facebook and WhatsApp.
It is worth noting that the company has already spoken with the Bank of England and its governor Mark Carney. The goal is to be compliant with regulators in different countries to avoid legal issues that Facebook has in many countries. Mark Zuckerberg, the founder of Facebook, met with Mr. Carney to discuss the risks and opportunities of launching a cryptocurrency, according to the BBC.
Facebook not only talks to regulators, but also seeks out cheaper and faster ways to send and receive money around the world in talks with other companies, including Western Union.
It is expected that the digital currency will be used for payments even if users do not have a bank account to handle the money they have. They also want to reduce users' existing barriers so they can access fast and cost-effective remittances no matter where they are located.
This project is called Project Libra and is also connected to a blockchain network that wants to connect to banks and people. With these financial institutions, individuals should work together to convert dollars and other currencies into Facebook's GlobalCoin.
Although there have been various rumors about this digital currency and the Facebook project, the company has never commented on it. This shows that Facebook wants to keep 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 his KIN token or Kako from South Korea. This would help users and individuals to send and receive money faster and cheaper.
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