Facebook is apparently planning to launch its digital currency in early 2020

Lloyd Doyle
May 26, 2019

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.

Earlier in May, the US Senate's banking committee wrote an open letter to Facebook chairman Mark Zuckerberg regarding how the cryptocurrency would work, what data would be collected, and what consumer protections would be offered.

Social media giant Facebook is reportedly in talks with major United States-based crypto exchanges for the issuance of its very secretive own cryptocurrency, as reported by Financial Times (FT) on May 24.

CoinDesk also writes that Facebook has been looking for advice from officials such as the U.S. Treasury and the Bank of England governor Mark Carney about opportunities and regulatory issues for this initiative.

Now, after hints at some kind of FaceCoin and shortly after announcing the launch of its digital currency network Libra in Switzerland, it seems "GlobalCoin" is a go.

The CyberGuy Kurt Knutsson on Facebook removing 2.2 billion fake accounts and reports some Snapchat employees were spying on users. Facebook's notion is to develop a cryptocurrency-based payments system in "a dozen of countries" by first three months of next year.

The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.

More details about Facebook's crypto plan are expected to be revealed in the coming months, the report said.

However, the crypto community has already attacked and criticized this project, specifically, Bloomberg, one of the main financial media outlets around the world.

For the commercial side of things, the firm has been talking to Western Union in a quest to look for cheaper and faster ways for people without a bank account to send and receive money.

Zuckerberg, who founded Facebook at university in 2004, has reportedly spoken to United States regulators about the plans for digital currency as well.

Other reports by Iphone Fresh

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