GlobalCoin, Facebook's cryptocurrency, would debut in 2020

Facebook is synonymous with success (also controversial), with more than 2.3 billion active users per month on its social network. It is also a powerful company, in which there are also successful products such as Instagram and WhatsApp.

With a large flow of users accumulated in its various services, Mark Zuckerberg's company polishes the details of his new plan. According to BBC, Facebook will launch its own cryptocurrency in 2020, under the name of GlobalCoin.

If confirmed the arrival of this payment tool, its scope will be of magnitude: the digital currency would have 2.7 billion potential users. Following the source mentioned, it should be recalled that the Californian has already expressed its intention to unify its messaging services, which involves WhatsApp, Instagram and the star of social networks.

In fact, messaging would have a key role in this deployment. In this sense, the reports coming out this week are not the first to refer to a virtual currency with Facebook stamp. It was said earlier that the California firm was working in a cryptocurrency to make payments via WhatsApp.

Advice, investments and alliances

According to the source, Facebook's CEO has kept meetings with financial sector personalities, as Mark Carney of the Bank of England and with US Treasury officials, badyze the risks and prospects of this launch, in addition to studying the regulatory and operational aspects.

Regarding the last point, the company must develop robust security procedures, in addition to mitigating money laundering risks through this tool.

Facebook officials know that with this change, they need to focus on security and privacy, following a course of Criticisms and accusations related to the information management of its millions of users.

In this order, in early May, US government and financial entities wrote a letter to Facebook asking for explanations about the operation of the cryptocurrency and stipulated security measures.

The report also states that Facebook has conversations with payment services so that the platform also includes unbanked users. In addition, the company would seek financial support from Visa and MasterCard, as well as other potential investors.

It is stated that at the end of the current year, Facebook will start testing the mechanisms of your currency. The publication indicates that it is currently known as GlobalCoinand that it would maintain the denomination when it made its debut in the first quarter of 2020.

As stated in previous reports, it is possible for virtual currency to be tied to "traditional" currencies, such as the dollar or the euro, to avoid the volatility that defines digital alternatives.