Report: “Facebook’s Native Crypto Offering to be Rolled Out by 2020”
- Facebook’s upcoming crypto-platform is designed to help users transfer money as well as make online purchases in a seamless, hassle-free manner.
- If everything goes as per plan, the firm will roll out its above mentioned digital offering by the end of Q1, 2020.
As per a report released by the British Broadcasting Service (BBC) earlier today, Facebook is all set to release its much-hyped cryptocurrency — dubbed “GlobalCoin” — by next year.
According to a spokesperson for the UK-based news outlet, the social media giant is all set to release its “crypto based payments system” by the end of Q1, 2019 — with trials all set to commence sometime this year itself.
More on the Matter
While additional plans regarding Facebook’s crypto project are all set to be released sometime in the coming few months, it has come to light that executives working for the company are actively seeking out advice from officials of the U.S. Treasury and the Bank of England governor ‘Mark Carney’.
- For those of our readers who might not be aware, the above mentioned initiative is internally being referred to as “Project Libra.”
- If certain reports are to be believed, FB is developing its current crypto payment system in conjunction with firms such as Western Union, Visa, and Mastercard.
The recap about the new, upcoming Facebook GlobalCoin cryptocurrency put things in perspective by saying there are only roughly 30 million users who partake in the cryptocurrency markets while there are nearly 2.5 billion people who use the social media network on a monthly basis. If that wasn't already enough of a perspective shifter, they also pointed out this interesting soundbite which is newsworthy about bitcoin and its offspring:
Lord King, the former Governor of the Bank of England, warned two decades ago that central banks could become “irrelevant” if people started to use digital currencies as pounds and pennies are used today.
Final Take
In closing out this piece, it should be pointed out that Facebook recently registered a new digital entity called “Libra Networks” in Geneva. The aim of this project is to help in the development of ”financial and technology services” that integrate crypto modules into their native frameworks.
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