The leading social media network Facebook is believingly focused to launch its own cryptocurrency “Globalcoin” in 2020. BBC the British broadcaster published the report on May 24.
Reportedly, Mark Zuckerberg, founder of Facebook last month happened to meet Bank of England governor Mark Carney to converse the potential prospects along with the risks which are involved in launching the Facebook-owned cryptocurrency.
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For the payment-focused cryptocurrency, the launching test would possibly take place by the end of 2019. Per the information, the social media tech giant named the coin as “Globalcoin“ which would be pegged with the basket of different currencies and could launch as a stable coin to attract the mass adoption. However, apparently, it’s not yet confirmed whether the name of the coin would remain the same while releasing because the project is still under development.
Over 2.7 billion monthly active users platform, recently registered its new financial technology firm named “Libra Networks LLC” in Geneva in order to meet all the formalities and the following cooperation with different brokers to accept the cryptocurrency as payment in return with less transaction fee and banks worldwide for on-ramping (fiat to cryptocurrency) along with opening the door for other currency exchange services. In a way by launching its native cryptocurrency the establishment possibly in a quest to disrupt the existing status quo of the banking system and functioning towards removing the financial risks and hurdles from the societies.
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Facebook is also in talks with the American worldwide financial services and communications company Western Union to explore further opportunities in providing reasonable money transfer services for non-banking users around the globe.
As per the BBC, the officials from Facebook are trying hard to take-off the sensational crypto asset project at the earliest.Since December 2018, the company is in the process and constantly meeting officials of different countries along with the United States Treasury administrators to understand the identity checks procedures and ways to assuage the money laundering issues including other operational and regulatory compliances and complications which can be significant to make the project successful.
BBC also claims that Facebook probably making arrangements to revamp its messaging platforms by integrating WhatsApp, Messenger, and Instagram under one cover and trying to expose its native cryptocurrency to its major networking platform users.
Allegedly, Facebook also met Tim Draper along with top VC’s for the huge investment and also met Visa and MasterCard while hunting $1 billion funding for its project.
Earlier this month, Mark Zuckerberg received an open letter from the U.S. Senate Banking, Housing, and Urban Affairs Committee for the facts and information on its purported blockchain and cryptocurrency project. The letter examining how a new cryptocurrency-based payments system related to legal, regulatory, privacy, and consumer protection concerns and how it would safeguard users financial information.
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There is no denying the fact that the approaching payment-focused cryptocurrency of Facebook would be going to catch the fire soon after its release and ostensibly able to give a direct competition to Bitcoin and the other top crypto assets due to its strong userbase, easy, and direct social approach globally.
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