One of the largest social media channels, Facebook has been reported to be working on its own cryptocurrency since a while, and now some of the new reports suggest that it should be going to be launched by the end of next year. The company also has plans to set up a digital payment solution in more than 10 countries by the first quarter of 2020 and it also looks to start testing in the latter part of 2019. The company is also calling the cryptocurrencies Globalcoin, and it should also outline more details this summer.
Some of the reports also suggest that Facebook has also been advised on the regulatory and operational issues from the officials at the US Treasury, and has even spoken to the Bank of England governor Mark Carney regarding the different opportunities and risks which involved in launching the cryptocurrency. It is as of now also speaking with the money transfer firms like the Western Union to understand if there are any of the other cheaper and faster ways to transfer and receive money without a bank account.
The report also states that Facebook wants to create a digital currency that even provides the secure and affordable ways of making the payments, without the need of any bank account. It looks to join the forces with the brokers and banks to enable the people to change the dollars and international currencies into its digital coins. To that effect, it also expected to launch a Swiss-based association made up of small groups of cofounders in the coming weeks. Facebook is also in discussion with some of the online merchants to accept their currency as payment.