Facebook Could Launch Its Native Cryptocurrency "GlobalCoin" in 2020


The new stablecoin which has been rumored about for a few months now, will allegedly be used for Facebook's own payment system in which users will be able to transfer money.

Facebook CEO Mark Zuckerberg has a personal history with the owners of the Gemini exchange, Cameron and Tyler Winklevoss.

Facebook has been reported to be working on its own cryptocurrency since a while, and now a new report suggests that it should be launched as soon as next year.

Mark Zuckerberg is already in talks with Bank of England governor Mark Carney and the US Treasury to ensure that risks are avoided and regulations complied with.

Now, after hints at some kind of FaceCoin and shortly after announcing the launch of its digital currency network Libra in Switzerland, it seems "GlobalCoin" is a go.

More news: U.S. warns Syrian regime following allegations of chemical weapons use
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.