As per the latest reports doing the rounds since today morning, Facebook is all set to introduce its own digital currency next year. The crypto referred to as ‘GlobalCoin,’ is most likely to hit the market in the 1st quarter of 2020 officially. If everything goes according to the social networking giant’s plans, its digital currency payments system will be set up in 12 countries at the same time.
Reports also revealed that Facebook will begin testing its digital currency thoroughly before the present year marks an end. The detailed outline of the plan has not yet been made public. However, it will be shared soon in the upcoming months, stated the reports.
Facebook is making all the efforts to go according to its plans. The social media giant’s team has already met Mark Carney, the governor of Bank of England, as well as the U.S. Treasury officials for relevant advice.
Mark Zuckerberg, the Founder of Facebook, also discussed the associated risks and opportunities involved in the crypto’s launch with Mr. Carney. The meeting also saw Zuckerberg seeking advice on the regulatory and operational issues attached with this initiative, tentatively titled “Project Libra,” from the Treasury officials.
Apart from that, the company is also reaching out to several payments entities such as Visa, Mastercard, and Western Union, so that people get faster and cheaper options for sending and receiving their money without the need to open a bank account.
Facebook’s ambitious project aims to provide its wide user base with a hassle-free platform where they can make swift money transfers and online purchases. The company wants to launch the digital currency, which is both secure and affordable, irrespective of whether the users possess an account in the bank.
With this project, the social networking platform intends to break down all the financial barriers while considerably lowering the costs for consumers. The hope is to disrupt the existing network and compete with the banks. Facebook’s project will allow people to easily exchange their dollars or any other global currency into its own digital tokens instantly.
To take things further, Facebook has also approached several online merchants to add support for its crypto as a payment option with reduced transaction fees.
On 2nd May, Facebook took firm steps towards establishing its project by registering a new company titled “Libra Networks” in Switzerland’s Geneva. The freshly incorporated company is formed to offer technological and financial services in addition to building related software and hardware. The official launch of the firm might take place in the upcoming weeks.