Facebook plans to begin decryption by the first quarter of next year. BBC News . The company will release details of the call this summer, and testing will begin in 2019. Internally, calls called "GlobalCoin" are available in 12 countries, which are scheduled for release. You can provide affordable and secure payments to people without a bank account.
Before the call begins, the call must overcome many technical and regulatory obstacles. According to BBC News last month, Facebook CEO Mark Zuckerberg met Mark Carney, Governor of the Bank of England, to discuss planned digital opportunities and risks. But Facebook may have a hard time working hand in hand with a hostile attitude toward virtual currencies. India has been reported as the main focus of the new currency, hoping that Indian workers will be able to return money to their families using WhatsApp overseas.
The company has discussed operational and regulatory issues related to cryptocurrency in consultation with the US Treasury Department, as well as with a fund transfer company such as Western Union.
In May, David Marcus, board member of Coinbase, first heard about Facebook's cryptocurrency ambitions in May, when he was president of PayPal from 2012 to 2014. Leading the company's new block chain division.
The report suggests that currencies can be designed as "stable coins" with fixed values in US currency to minimize volatility. However, even if there is no volatility associated with most Crypto calls, Facebook needs to do a lot to make sure that users are trusted by GlobalCoin because of the scandals that have corrupted public images.