According to a report published by the BBC News on the 24th of May, Facebook the social media giant is set to launch its payment focused cryptocurrency in 2020.
The report suggests that Facebook has tests for the new cryptocurrency scheduled to start by the end of 2019. The secretive project, previously named ‘Libra’ has previously drawn attention of US Senators surrounding consumer protection and the safeguard of users financial information. Whilst currently named ‘GlobalCoin’ within the company, there is no confirmation that this name will remain, especially as the project develops.
According to the report, Mark Zuckerberg the CEO of Facebook has met with Mark Carney, the Bank of England governor in order to discuss the opportunities and risks involved in its project.
Mark Zuckerberg has also met with US Treasury officials in order to seek advice on the operational and regulatory issues surrounding the cryptocurrency project.
The BBC also states that the firm has also been in talks with money transfer firms such as Western Union in order to provide ‘cheaper and faster ways for people without a bank account to send and receive money.’ The firm that also owns WhatsApp and Instagram are looking to disrupt traditional systems by breaking down the financial barriers and reducing costs for its consumers.
If Facebook’s plans of overhauling its messaging infrastructure continue, its 3 social media Apps will expose the planned cryptocurrency to over 2.7 Billion users each month.
Although unconfirmed, Facebook’s Cryptocurrency is likely to be a stablecoin pegged against the USD and the firm are reportedly seeking $1 Billion to fund the ‘Project Libra.’