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Facebook (FB) plans to launch its cryptocurrency, now called GlobalCoin, in 2020.
According to one recent report BBC News, the social media giant plans to start testing the new crypto by the end of 2019 and launch it in the first quarter of 2020.
"Facebook is expected to present its plans in more detail this summer and has already spoken to the Governor of the Bank of England, Mark Carney," reads the report. "The founder, Mark Zuckerberg, met with Carney last month to discuss the opportunities and risks associated with launching a cryptocurrency."
The report also states that Facebook has sought advice from US Treasury officials and is currently in talks with money transfer companies, including Western Union.
The new cryptocurrency is considered a stable currency, which means that the price is indexed to a predetermined value, which will be backed by physical assets. Like before reportedFacebook is asking large venture capital companies to raise $ 1 billion to finance the firm's stable budget.
Plus: Facebook plans to launch GlobalCoin in 2020
Related: Facebook (FB) silently records a Swiss company on its Libra Crypto platform
Warning: The author of this article has holdings in cryptocurrency that can be followed here. This article is for informational purposes only and should not be considered as investment advice. Always do your own due diligence before making any investments.
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