Network sources report Facebook's plans to launch its own cryptocurrency next year. It is reported that the new payment network, covering 12 countries, will be rolled out in the first quarter of 2020. It is also known that testing of a cryptocurrency called GlobalCoin will begin at the end of 2019.
More detailed information about Facebook's plans is expected to emerge this summer. Currently, company representatives are consulting with officials from the US Treasury and the Bank of England, discussing regulatory issues. Negotiations are also underway with money transfer companies, including Western Union. This suggests the company is looking for affordable and fast ways to send money that can be used by customers without bank accounts.
The project to create a payment network and launch its own cryptocurrency is codenamed Libra. Its implementation was first announced in December last year. The new payment system will allow people to exchange international currencies for cryptocurrency. The corresponding association, which will carry out the assigned tasks, will be organized in Switzerland in the near future.
Experts disagree on how successful Facebook's new project might be. For example, researcher from the London School of Economics Garrick Hileman believes that the project to create GlobalCoin could become one of the most important events in the short history of cryptocurrencies. According to some reports, about 30 million people around the world currently use cryptocurrencies.
Source: 3dnews.ru