Facebook to launch its own cryptocurrency

May 25 2019 01:29 PM
Facebook to launch its own cryptocurrency

The social-media giant Facebook is gearing up to launch its own cryptocurrency next year.

According to the report of BBC, Called "GlobalCoin", the cryptocurrency would work with a new digital payments system in about a dozen countries starting in the first quarter of 2020. Facebook has been in contact with US and British financial regulators to launch it.

As per report of BBC, Facebook, which owns WhatsApp and Instagram is in touch with "Bank of England governor Mark Carney and officials at the US Treasury".

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With over two billion users across its platforms, Facebook could emulate WeChat in China which allows its users to chat, shop and play games without leaving its platform. The Social-media platform would need to overcome numerous technical and regulatory hurdles before it can be launched.

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As per report, the Facebook currency could be designed to be a "stablecoin" with a value pegged to US currency in an attempt to minimize volatility. Facebook has reportedly set up a company called Libra Networks in Switzerland that is developing payments and Blockchain systems for the social networking giant.

According to a report in CNET quoting Swiss publication Handelszeitung, the Facebook cyrptocurrency would be tied to the US dollar and could, therefore, remain stable unlike Bitcoin which has crashed.

 

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