- US Financial Stability Oversight Council: Stablecoins Are a Risk to the Economy
- Brazil's IRS Sets Rules to Fine Citizens Who Don’t Declare Crypto Holdings
- EU Council and Commission Say No to Stablecoins Until Regulation Is Clear
- Outrageous Predictions: New Asian Virtual Currency Will Counter Dollar's Dominance
- The First Bitcoin-Featured Commercial Advertised on French Television
The social media giant Facebook has reportedly met with several regulatory agencies to discuss the future of its cryptocurrency project ‘Globalcoin.’ And two days ago, the US Commodity and Futures Trading Commission (CFTC) boss, Christopher Giancarlo, stated in an interview that they are currently in the early stage of discussion with Facebook.
Giancarlo explained that the essence of the meeting is to ascertain whether or not Facebook’s cryptocurrency falls within the jurisdiction of the CFTC. After the sit down, the CFTC boss confirmed that they are more than happy to understand the stablecoin. “We are very interested in understanding it better,” he said. However, they are yet to get a formal application from the social media giant. “We can only act on an application, we don’t have anything in front of us.” He added.
Be that as it may, Facebook taking all of these steps is somewhat reassuring.
‘Globalcoin’ Already Discussed with Many Industry Leaders
As AllStocks Crypto News previously reported, the largest social media platform on the planet Facebook is currently making plans to integrate the platform with the new financial world – the crypto space. Plans are currently in the pipeline to introduce a stablecoin (dubbed Globalcoin) backed by several fiat currencies. This big plan was revealed last year, and since then, efforts and ventures have been underway to bring this dream to fruition.
Having failed in his first attempt to merge Facebook with the crypto world some years back, it is no wonder that Facebook boss Mark Zuckerberg is doing all within his power to bring this age long dream to reality.
It will be recalled that Facebook boss has reportedly met with a few other regulatory bodies and financial bosses such as the US Treasury, the Bank of England and Western Union. Report also has it that Zuckerberg has had a sit down with Gemini and Coinbase to discuss the future of the virtual coin.
While the project is a very welcomed innovation, financial regulators are, however, concerned about how well the social media management will enforce anti-money laundering and know-your-customer (KYC) measures. Or will it seat out this one?
In addition to that, people are concerned about the ongoing privacy scandal. Having consumers’ privacy breached was a big blow to the platform’s reputation; one it is yet to recover from.
Will it be any different with Facebook cryptocurrency? Can the social media giant gain the trust of people again? Will the Facebook cryptocurrency project be successful this time? These are some of the questions on everyone’s lips.
Well, time shall tell! Stay glued!