Today more details about Facebook’s cryptocurrency plans were revealed by the
BBC. The social media giant plans to launch its GlobalCoin by the end of Q1 2020. GlobalCoin, the internal name of the currency which is part of “Project Libra”, will be based on a basket of international currencies such as the dollar, yen and euro.
Last month
Facebook‘s CEO Mark Zuckerberg met with Bank of England governor Mark Carney to discuss the opportunities and risks presented by a cryptocurrency. The company has also been in discussions with the U.S. Treasury regarding identity checks and money laundering. Two weeks ago, the U.S. Senate sent an open
letter to Facebook with queries about privacy and other concerns.
The social media giant is targeting a low-cost payment mechanism which will also cater to people without bank accounts. To that end, it’s even talking to Western Union. The likely initial vehicle is its WhatsApp messaging application.
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