Facebook launches the cryptocurrency Globalcoin: 10 interesting things to know

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According to a press article published last week, Facebook is planning to launch its own cryptocurrency, which will probably be called GlobalCoin, as early as next year. The currency would initially be launched in about a dozen countries and Facebook could start testing it by the end of the year 2005. Here are 10 interesting things to know about Facebook's new digital payment system. :

1) Facebook's GlobalCoin is different from most others The reports indicate that digital payment systems as consumers could use the same currency if they do not have a bank account.

2) The motto w Allow Facebook users to convert dollars and other international currencies directly into digital coins.
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3) The GlobalCoin could then be used to buy items on the Internet and other outlets, or even to transfer money to another user.
4) The ability to send money via Whatsapp may soon become a reality with Facebook's GlobalCoin account. A report last year had announced that Facebook was working on a digital currency project that will allow users to transfer cryptocurrency using the WhatsApp mobile messaging application. Even at Facebook's developer conference last month, Mark Zuckerberg had said, "I think it should be as easy to send money to someone as someone who has not done it. Send a photo. "

5) Facebook also intends to pay users fractional parts for activities such as viewing ads and interacting with content related to purchases in line, similar to loyalty programs run by retailers.

6) Facebook would also be in talks with a number of online merchants to accept the currency as a payment in exchange for lower transaction fees.

7) Reports indicate that Facebook is seeking to relate the value of GlobalCoin to a basket of established currencies, including the US dollar, the euro and the Japanese yen, in order to stabilize the value of the digital currency.

8) According to reports, Facebook is seeking funding of $ 1 billion to support the project and has had talks with giants of payments, including Visa and Mastercard.

9) Facebook reportedly discussed with the US Treasury the cessation of identity checks and ways to reduce the risk of money laundering.

10) A Barclays Internet badyst had said in March that cryptocurrency could generate up to $ 20 billion in additional revenue for Facebook by 2021.