Facebook plans to launch its cryptocurrency for the first quarter of next year, reports BBC News . The company is expected to reveal more details about the currency this summer, before the tests begin in 2019. The currency, which is known internally as "GlobalCoin", will be available in a dozen countries at the launch, where it is expected to Offer people affordable and safe payments without the need for a bank account.
The currency must overcome numerous technical and regulatory obstacles before it can be launched. According to BBC News last month, Facebook CEO Mark Zuckerberg met with Bank of England Governor Mark Carney to discuss the opportunities and risks of planned digital currency. However, Facebook could have a more difficult job on its hands in India, which has adopted a hostile attitude toward virtual currencies. It is reported that India is a key focus for the new currency, where Facebook expects to allow Indian workers abroad to send money to their families using WhatsApp.
The company has been in talks with the US Treasury. UU., As well as with money transfer firms such as Western Union, to discuss operational and regulatory issues related to cryptocurrency.
The first time we learned of Facebook's cryptocurrency ambitions last May was when it was reported that David Marcus, who previously served on Coinbase's board of directors and was president of PayPal between 2012 and 2014, led the new division of the company's block chain.
Reports suggest that the currency could be designed to be a "stable currency", with a value linked to the US currency in an attempt to minimize volatility. However, even without the volatility associated with most cryptocurrencies, Facebook will still have a lot of work to do to make its users trust GlobalCoin after suffering years of scandals that have tarnished its public image.