FACEBOOK WILLS TO LAUNCH CRYPTOCURRENCY
Hey there, Now we got a piece of good news for you all guys who like online or cryptocurrency because according to the latest report a company named as Facebook plans to launch its cryptocurrency by the first quarter of next year.
Further details will be revealed by Facebook this summer before tests being later in 2019. There are many technical and regulatory obstacles that need to be fixed before the currency is launched.
The currency will be termed as “GlobalCoin” and will be available around a dozen currencies during the launch. This will offer users an affordable and secure payment option without the need for a bank account which might great for someone.
While talking with BBC news, Mark Zuckerberg, Facebook CEO said he met the Bank of England governor Mark Carney to examine the opportunities and risks of the planned digital currency.
It might not be easy for Facebook to launch the currency in countries like India because India has taken a hateful manner towards virtual currencies. Facebook plans to target India as a key focus for its new currency where it hopes to allow Indian workers abroad to send money back home to their families using WhatsApp.
Facebook is discussing operational and regulatory issues relating to the cryptocurrency with the US Treasury as well as money transfer firms like Western Union. Facebook has been working on the concept since last May.
The new currency might be designed to be a ‘Stablecoin’ with a value pegged to US currency. This will ensure it minimizes the volatility. Apart from the volatility factor associated with the cryptocurrencies, Facebook will also have to work to get its users to trust the GlobalCoin. After all, it has been involved in a number of controversies related to privacy issues, tarnishing its public image, etc. That’s all for today stay happy…