Facebook discusses with CFTC about GlobalCoin

Monday 3 June 2019 10:43 CET | News

Facebook has started a discussion with the US Commodity and Futures Trading Commission (CFTC) over GlobalCoin.

The goal of the meeting was to better understand if the social media company’s crypto stablecoin initiative could potentially fall under the CFTC’s regulatory remit. The news comes amid recent reports that Facebook also held talks with government officials in both the US and the UK to discuss opportunities and regulatory issues for its crypto stablecoin called GlobalCoin.

The cryptocurrency, under Facebook’s Project Libra, is reportedly aimed to allow Facebook’s global users to transfer money across borders and to make online purchases.

Moreover, according to CFTC’s spokesperson, if the cryptocurrency could be backed by the US dollar, then there might be less of a need for derivatives tied to it.

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Keywords: Facebook, stablecoin, remittances, money transfers, blockchain, GlobalCoin, CFTC
Countries: World