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Facebook will launch a new digital currency called GlobalCoin, which aims to help users send and receive money. The intention is to publish it in the first quarter of 2020. The information has been released by the BBC in a recent article.
Facebook ready to launch GlobalCoin in 2020
According to the report, the social media giant wants to enter the crypto space with a virtual currency being tested. The virtual currency is known as GlobalCoin and could be used on different platforms such as Instagram, Facebook and WhatsApp.
It should be noted that the company has already spoken with the Bank of England and its governor, Mark Carney. The goal is to be in compliance with regulators from different countries to avoid the legal problems that Facebook uses in many jurisdictions. According to the BBC, Mark Zuckerberg, Facebook's founder, met with Carney to discuss the risks and opportunities badociated with launching a cryptocurrency.
Facebook not only discusses with regulators, but also with other companies such as Western Union, who are looking for cheaper and faster ways to send and receive money around the world. whole.
Digital currency should be used for payments, even if users do not have a bank account to manage the funds they have. They also want to reduce existing barriers so that users can access fast and cost-effective transfers, no matter where they are.
This project is called Project Libra and also refers to a blockchain network that wants to be connected to banks and people. The intention is to partner with these financial institutions to allow individuals to convert dollars and other currencies into GlobalCoin created by Facebook.
Although there have been various rumors about this digital currency and the Facebook project, the company has never commented on it. This shows that Facebook wants everything under control and secrecy until most of the work is done, tested and confirmed.
Other social networks and messaging apps have also decided to launch their own digital resources, including Kik, with his KIN token, or Kako from South Korea. This would help users and individuals to have faster and cheaper services to send and receive money.
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