Facebook Planning to Launch ‘GlobalCoin’ Come 2020
Facebook is planning to launch its own cryptocurrency dubbed “GlobalCoin” and crypto-powered global payments network called “Project Libra” worldwide by first quarter of 2020. This is according to a report published by BBC News.
On 8th May 2018, in a Facebook post, David Marcus, the former head of Messenger, who was at that time also a board member of crypto exchange Coinbase, revealed that he was leaving that role to set up a new group focused on exploring applications of blockchain technology across the whole of Facebook. Come 13th December 2018, Cheddar reported that Facebook’s blockchain group is planning to “potentially disrupt the entire payments industry”
The report stated: “At a private dinner Facebook hosted during a recent crypto conference, one attendee told Cheddar that Facebook employees pitched the idea of creating a decentralized digital currency for the social network’s 2 billion users.”
And on 21st December 2018, Bloomberg reported that Facebook was creating its own cryptocurrency (a stablecoin) for money transfers within its messaging app WhatsApp.
This report was confirmed by New York Times which said that, according to its sources, this project was “far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers.”
Facebook “is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020.” and the plan is to start testing the new cryptocurrency , GlobalCoin, by the end of 2019.
Facebook has been getting “advice on operational and regulatory issues” from the UK’s central bank governor Mark Carney and from U.S. Treasury officials.
Facebook is also discussing with Western Union “as it looks for cheaper and faster ways for people without a bank account to send and receive money.”