Facebook is set to launch its own cryptocurrency payment system which is being referred to as GlobalCoin internally. The payments system will be rolling out in over a dozen countries by the first quarter of 2020 as reported by the BBC.
Facebook has already been in touch with Mark Carney, Governor of Bank of England. Mark Zuckerberg met him to discuss the risks involved in launching such a payments system and a cryptocurrency altogether. Not only that, he has taken advice from the officials at the US Treasury regarding operational and other regulatory issues.
Another interesting fact is that Facebook is also in talks with money giant, Western Union while it explores for cheaper and effective ways for people to trade money without a bank account.
The project was nicknamed Project Libra earlier and the plans were first reported towards the end of last year. In this effort, Facebook has also banned all the cryptocurrency ads on its platforms. This seems pretty obvious as the social media giant would not want its users going to other companies.
Stakes are, however, high with this one. Facebook has been under tight scrutiny regarding its users’ privacy and other security concerns. This issue took a big flight after the infamous Cambridge Analytica fiasco.
According to BBC, it’s also believed that Facebook and the partners involved “want to prevent wild swings in the coin’s value by pegging it to a basket of established currencies, including the US dollar, euro, and Japanese yen.”