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May 27, 2019

Facebook to roll out own cryptocurrency in 2020

Social networking platform Facebook is planning to introduce its own cryptocurrency next year, reported BBC.

Dubbed GlobalCoin, the new offering is expected to be made available in around 12 countries by the first quarter of 2020 following a trial later this year.

Users of the social media platform will be able to convert dollars and other international currencies into the new cryptocurrency.

Facebook CEO Mark Zuckerberg has discussed the project with Bank of England governor Mark Carney as well as the US Treasury to ensure compliance with regulations.

According to media reports, the value of the new cryptocurrency will be pegged to various fiat currencies such as the US dollar, Japanese yen, and Euro.

At present, Facebook is also in talks with Western Union to offer cheaper money transfer options for the unbanked population.

Moreover, Facebook is in negotiations with several online merchants to accept the currency as payment in lieu of lower transaction fees.

Facebook is not new to the cryptocurrency space.

Nearly 10 years back, the social media giant launched Facebook Credits, enabling users to buy items in apps. The project was later terminated.

Earlier this month, Facebook selected London as the hub to develop its WhatsApp mobile payment feature.

At the same time, it was reported that nearly 100 software engineers will be hired to develop the payment feature.

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