According to a BBC report, the social network Facebook plans to launch GlobalCoin as well as a digital currency (payment network) in the first quarter of the next year.
What is Crypto/Digital Currency?
If you don’t know what is crypto currency, then don’t worry. Here is a small intro for you. Actually, Crypto currencies are digital currencies which do not have physical existence but still you can buy or sell something. In fact, its getting popular now a days because of everything going online. Now, simply you can say its digital asset which works as a medium of exchange as well as for secure transactions. Bitcoin is a good example of Crypto Currency which is already famous!
Facebook Digital Currency
Facebook plans to launch its own cryptographic currency next year, as well as a digital payment system that will operate in a dozen countries at the latest in the first quarter of 2020. The social media giant wants to begin testing its cryptographic currency, dubbed GlobalCoin, before the end of this year
Facebook is expected to outline its plans in more detail this summer and is already in talks with Bank of England Governor Mark Carney. Facebook founder Mark Zuckerberg met with Karni last month to discuss the opportunities and risks of launching a cryptographic coin. The company also consulted on operational and regulatory issues with officials from the US Treasury Department.
At the same time, Facebook is in talks with money transfer companies such as Western Union, in an effort to find cheaper and faster ways to transfer money to users who do not have a bank account.
Facebook wants to create a digital currency that will enable payments to be made safely and inexpensively, regardless of whether the user has a bank account. The social networking site, which also owns Whatsapp and Instagram applications, hopes to surpass existing networks by breaking economic barriers, increasing competition with banks and reducing user costs.
The project, known as Libra, in which Facebook plans to create its own digital financial network. Which was first published in December. The project will combine forces with banks and brokers. By enabling users to convert dollars and other international currencies into digital currencies.
A small group of founders is expected to launch the Swiss-based consortium in the coming weeks. There are also reports that Facebook is in talks with several online merchants to accept the use of the new currency in return for reduced commissions on their transactions.
Virtual currencies can be used to pay for products in the real world. Such as hotel rooms, food and even real estate, and digital coins are stored in online wallets and can be anonymously transferred between user.