Facebook is planning to launch its own cryptocurrency, named “GlobalCoin” | Testing to start by the end of this year according to the plan.
Social media giant Facebook has started working on its plan to launch “GlobalCoin”, its stabled cryptocurrency in the first quarter of 2020.
“Sending money should be as easy as sending a picture”- Mark Zuckerberg at F8 Developer Conference, hinting at his desire to boost the network’s payment service. Mark Zuckerberg has already spoken to Bank of England governor Mark Carney, reads the report.
- Facebook is planning to launch its stable cryptocurrency “GlobalCoin”.
- Testing to start by the end of this year, launch planned for first quarter of 2020.
- The payment system will be cross-platform, including Facebook-owned Whatsapp, Instagram, and 3rd party applications.
- The system will be globally competing with a 2.38 billion monthly active user base against payment giants like Paypal, Apple, Google, and Amazon.
Although Facebook has refused to comment on reports, the reports have gained more credibility after a Switzerland company – Libra declared Facebook as their stakeholders. Libra will work on payments, data analytics, and investment activities, and will be developing related software and hardware.
Curiosity about Privacy and Security
We have seen Mark Zuckerberg being questioned by US senators last year regarding the user’s data and privacy. Everyone in the tech world is curious about how Facebook will tackle these issues. Users may have a hard time trusting Facebook with their hard earned money. Zuckerberg has outlined plans to make the service more secure, but experts remain skeptical.