Facebook plans to launch its own crypto-currency in 2020

  24 May 2019    Read: 1130
  Facebook   plans to launch its own crypto-currency in 2020

Facebook is finalising plans to launch its own crypto-currency next year, AzVision.az reports citing BBC. 

It is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020.

The social media giant wants to start testing its crypto-currency, which has been referred to internally as GlobalCoin, by the end of this year.

Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney.

Founder Mark Zuckerberg met Mr Carney last month to discuss the opportunities and risks involved in launching a crypto-currency.

Facebook has also sought advice on operational and regulatory issues from officials at the US Treasury.

The firm is also in talks with money transfer firms including Western Union as it looks for cheaper and faster ways for people without a bank account to send and receive money.

Facebook wants to create a digital currency that provides affordable and secure ways of making payments, regardless of whether users have a bank account.

The social networking site, which owns WhatsApp and Instagram, is hoping to disrupt existing networks by breaking down financial barriers, competing with banks and reducing consumer costs.

Nicknamed Project Libra, Facebook's plans for a digital currency network were first reported last December.

The project will see it join forces with banks and brokers that will enable people to change dollars and other international currencies into its digital coins.

A small group of co-founders are expected to launch the Swiss-based association in the coming weeks.

Facebook is also reportedly in talks with a number of online merchants to accept the currency as payment in return for lower transaction fees.


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