Facebook is planning to launch ‘GlobalCoin’, its own cryptocurrency, in 2020

The social media giant wants to start testing the cryptocurrency system by the end of this year

Although the cryptocurrency frenzy has settled, for now, that doesn’t mean it has become irrelevant. Facebook is now planning to launch its own cryptocurrency next year with more details set to be released this summer.

Facebook is planning to launch ‘GlobalCoin’, its own cryptocurrency, in 2020

A Facebook panel is seen during the Cannes Lions International Festival of Creativity, in Cannes, France. Reuters

Coming from a report by BBC, the social media giant is calling its currency ‘GlobalCoin’ and its testing should probably begin by the end of the year. Facebook plans to launch a digital payments system using cryptocurrency in a dozen countries by the first quarter of 2020. The intention of launching this service is to provide users with an affordable and secure payments system for the ones who don’t have a bank account.

In order to discuss the potential risks and opportunities about the digital currency, Facebook CEO Mark Zuckerberg met with the Bank of England’s governor, Mark Carney. The BBC report also states that the company has taken advice from the US treasury for operational and regulatory issues.

India is rumoured to be a target for Facebook in this project. However, the Indian government is seeking to ban the operation of cryptocurrencies through a bill that’s under consultation. Currently, there aren’t any regulations defined around the use of cryptocurrency in the country.

Facebook is also reported to have been in talks with Western Union to explore ways of making transactions faster and cheaper. Just like any cryptocurrency, Facebook will have to deal with the fluctuations in its value which could be a big barrier, according to blockchain expert David Gerrard.

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