- Facebook is reportedly looking to start testing its cryptocurrency by the end of 2019
- The firm is collaborating with the Bank of England, Western Union, and others to make project Libra a huge success.
- If all goes as planned, the cryptoasset will go live in 12 countries including India by March 2020
Facebook, the world’s leading social networking site that has now caught the cryptocurrency fever, and is making active plans towards the launch of a cryptocurrency of its own by the first quarter of 2020. The ‘GlobalCoin’ will function as both a stablecoin and a faster means of payment for the unbanked, according to Facebook.
Leveraging its enormous userbase
Per sources close to the matter, the Mark Zuckerberg-led Facebook is working round the clock to make its cryptocurrency dream come to fruition as soon as possible.
Zuckerberg has held talks with the governor of the Bank of England, Mark Carney, discussing the risks and opportunities involved in the crypto project and the firm is said to have spoken to officials of the U.S Treasury about regulatory concerns for the US market.
If all goes as planned, Facebook will begin testing its cryptocurrency later this year and would officially go live in 12 nations in Q1 2020.
Though the firm has been quite secretive with project Libra, sources have revealed that Facebook has registered a new fintech firm called Libra Networks on May 2, 2019, and it is very likely that the Swiss-based company will be in charge of its cryptocurrency project.
Facebook’s ambitious long term goals
Distributed ledger technology based virtual currencies have proven they have all it takes to provide the masses with a borderless, superfast and cost-efficient payment method, and Facebook is looking to harness the capabilities of blockchain technology to develop a cryptoasset that would cater to the needs of the unbanked, act as a stablecoin and make payments easier.
Reportedly, Facebook plans to collaborate with traditional money transfer firms including Western Union, as well as financial institutions and online merchants, in a bid to break down some of the barriers in the world of payments.
It’s worth noting that the Facebook stablecoin project encountered a significant bump in its journey earlier in May, when the U.S. Senate Banking Committee sent Zuckerberg an open letter, asking him and his firm to provide more details regarding project Libra.
The authorities were interested in finding out how Facebook intends to handle users’ financial data, the privacy and consumer protections users would have under the new payment system and more.