Facebook plans to launch crypto in 2020

Monday 27 May 2019 10:57 CET | News

Facebook has planned to launch the crypto-based payments system in ‘a dozen countries’ by Q1 of 2020, and it is looking to start trials by Q4 2019.

Social media company’s own cryptocurrency is said to be called ‘GlobalCoin. Also, Facebook has apparently sought for advice, as well, from officials of the US Treasury and the Bank of England governor. The advice refers to the opportunities and regulatory issues for the initiative, internally referred to as ‘Project Libra.’ The news come after recent reports that Facebook has been discussing with payments companies, such as Western Union, Visa, and Mastercard, to back and fund its planned fiat-based cryptocurrency.

Moreover, as per the FT, Facebook has also been in talks with the Coinbase and Gemini exchanges, aiming to prepare third-party, regulated platforms for users of its coin, in order to store and exchange the asset.

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Keywords: Facebook, launch, cryptocurrency, 2020, crypto assets, social media, banks, US, treasury, regulations, Project Libra, Western Union, Visam Mastercard, Fiat, third party, coins, exchange, Coinbase, Gemeni
Countries: World

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