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Facebook plans to launch its cryptocurrency by the first quarter of next year, reports BBC News. The company is expected to reveal more details about the currency this summer, before the tests start later in 2019. The currency, called internally "GlobalCoin", would be available in a dozen countries at launch, where it is expected to be released. provide people with affordable and secure payments without the need for a bank account.
The currency will have to overcome many technical and regulatory hurdles before it can be launched. according to BBC NewsLast month, Mark Zuckerberg, CEO of Facebook, met with Bank of England Governor Mark Carney to discuss the opportunities and risks of creating the digital currency. However, Facebook could have a tougher job in India, which has adopted a hostile attitude towards virtual currencies. India would be a key element of the new currency, Facebook wishing to allow Indian workers from abroad to send money to their families via WhatsApp.
The company has initiated discussions with the US Treasury, as well as with money transfer companies such as Western Union, to discuss operational and regulatory issues related to cryptocurrency.
Last May, we heard about Facebook's ambitions for cryptocurrency on Facebook. David Marcus, formerly a member of Coinbase's board of directors and chairman of PayPal between 2012 and 2014, headed the company's new blockchain division.
The reports suggest that the currency could be designed to be a "stable currency", with a value indexed to the US currency to minimize volatility. However, even without the volatility associated with most crypto-currencies, Facebook will have much more to do to induce its users to trust GlobalCoin after years of scandals that tarnished its public image.
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