More news: Microsoft calls for a US GDPR
More news: Raptors thump Bucks to level NBA Eastern Conference finals at 2-2
The cryptocurrency will reportedly become available in several countries in the first quarter of 2020. The company is expected to reveal more details about the currency this summer, before testing begins later in 2019.
That tracks with the BBC report stating Facebook plans on pegging GlobalCoin to established currencies such as the dollar, yen and euro, as well as its interest in worldwide remittances and users without bank accounts. In February, as reported by Prolific London at the time, Facebook bought London blockchain startup Chainspace. In the United Kingdom, the FCA, HM Treasury and the Bank of England are all consulting on regulatory treatment of cryptoassets, and exploring whether legislative change is necessary.
The path of the Facebook to the crypto-world is becoming clearer.
The social media giant has an estimated 2.4 billion monthly users, and would pose an immediate challenge to Amazon, PayPal and other e-commerce, payments and money transfer platforms, most of whom do not take cryptocurrency payments.
Facebook has reportedly been speaking to a number of companies and government agencies to make sure the regulatory side is approved. Moreover, Western Union does not require the user to have a bank account.