Facebook’s virtual money is expected to help users pay across borders safely and at a cheap cost without a bank account,.. .
According to BBC sources, Facebook plans to release its own cryptocurrency called GlobalCoin in the first quarter of 2020, after internal testing later this year. This cryptocurrency will be released in dozens of countries around the world, helping users to make payment transactions securely and at cheaper costs without having a bank account.
To be able to launch, this virtual money will need to overcome many technical and logical barriers. Last month, Facebook’s chief executive Mark Zuckerberg met with central bank governor Mark Carney to discuss the opportunities and risks of issuing virtual currency. Facebook also works with the US Treasury and money transfer companies like Western Union, to discuss legal and operational issues related to crypto.
Facebook plans to release cryptocurrency for the first time at the end of last year. Accordingly, Facebook will partner with banks and brokers to allow users to convert dollars and other legal currencies into virtual currency. ? Facebook is also negotiating with online providers to accept this virtual currency, in exchange for lower transaction costs.
In March, Barclays’ Internet analyst Ross Sandler forecast GlobalCoin cryptocurrency could bring in revenue of up to $ 19 billion by 2021 in Facebook.
GlobalCoin marks Facebook’s second attempt at virtual currency, nearly 10 years later, Facebook Credits – cryptocurrency allows users to buy products on the system of this social network. Facebook Credits was “killed” after only 2 years of operation due to the failure of liquidity.
However, to launch GlobalCoin, Facebook has many problems to be solved in the context of the scandal of user data and regulations from authorities in recent years. The question posed by officials is how Facebook’s cryptocurrency will work and how the company will protect its customers and their personal information.
Information about GlobalCoin helped price many cryptocurrencies on the market increased on 24/5. Bitcoin rose 5% in value, trading at about $ 7,960, Bitcoin Cash and Ethereum copper both rose 7%, and Litecoin increased 11%.