vacancies advertise contact news tip The Vault
Win with Seagate - Seagate FireCuda 510 SSD! [x]
facebook rss twitter

Facebook to launch GlobalCoin cryptocurrency in 2020

by Mark Tyson on 24 May 2019, 16:11

Tags: Facebook

Quick Link: HEXUS.net/qad73t

Add to My Vault: x

Facebook will launch its own cryptocurrency dubbed GlobalCoin early next year, according to various reports this afternoon. The BBC says that the controversial social media giant will set up its digital payments system utilising this cryptocurrency for widespread testing in a dozen countries in Q1 2020. Early testing might be undertaken with 'GlobalCoin' as early as summer, in preparation for the much larger scale rollout.

A Facebook GlobalCoin won't look anything like this

Facebook CEO Mark Zuckerberg is said to have met with the BoE's Mark Carney and US Treasury officials to talk about his plans, and potential operational and regulatory issues. The social network first hinted at its new cryptocurrency plans last year when it said it was working on ways to "leverage the power of blockchain technology". Particularly, at that time, it was looking into digital currency conversions and use on the WhatsApp messaging platform, under the name 'Project Libra'.

Facebook's disruptive entry into online payments may be attractive to some web users, as it could effectively compete with banks, reduce consumer costs, and facilitate secure payments even for those without bank accounts. To gain traction for its cryptocurrency Facebook is also talking with third party online merchants to accept payments in GlobalCoin. A key attraction for merchants will be lower transaction fees, according to reports.

In contrast to some existing popular online currencies, Facebook's GlobalCoin will seek to avoid large swings in value by being pegged to a basket of established currencies, including the US dollar, euro and Japanese yen.

How can I help you with yout bank account today?

It is noted that Facebook previously attempted to establish a digital currency called Facebook Credits, a decade ago. Since that time it has made some important hires like former PayPal president David Marcus in 2014, and is said to be working with the likes of Western Union, as well as taking governmental advice as noted above. A team of at least 50 Facebook employees were reported to be working on the cryptocurrency technology earlier this year.

Facebook has 2.4 billion monthly users and its marketplace is increasingly popular for consumer trading activity.



HEXUS Forums :: 22 Comments

Login with Forum Account

Don't have an account? Register today!
I'm quite happy sticking with tried and testing British Sterling, I personal don't feel the need for a block chain leveraged currency from a
n American online social media giant
So, another words, sort of like monopoly money becoming real, just its fb and not actually the monopoly brand. lol

the rulers know most are suckers. if this takes off in a big way, the economy will collapse.
Money transfer is one of the best uses for internet funbucks, makes sense that a big company trying to dethrone paypal would use that technology

In contrast to some existing popular online currencies, Facebook's GlobalCoin will seek to avoid large swings in value by being pegged to a basket of established currencies, including the US dollar, euro and Japanese yen.

Surely only one? If it's pegged to more than one you'll just empty FBs coffers trying to prop up a national economy if one of those currencies takes a dive
Interesting twist now (edited!)
A country's currency is backed by it's sovereignty. It's not perfect but it's a big thing. If a crypto currency ever collapses - for whatever reason: …

may be a flaw in it's algorithm is discovered in the future,
or the verification system ..
or by the law of supply/demand …
or by rulers of the world specifically going out against its use (say because it helps terrorists … illegal gun sales .. drugs etc) …

then that's it .. you lose all of it.

That's basically my fear of it..