Facebook Reportedly Sets the Date to Launch its “GlobalCoin” Cryptocurrency to 2020

You will recall that Facebook boss, Mark Zuckerberg, has been making plans to launch Facebook’s own cryptocurrency for a while now. The news which broke the internet late last year was received with a mixed reaction. While some people are eager to see the virtual coin launched, others are concerned about how well the social media giant can pull this off since it has been in the news for abusing consumers’ data.

The same mixed reaction was served when a new BBC report of Facebook boss meeting with the governor of the Bank of England, Mark Carney, broke free.

According to the report, the social media giant has plans underway to launch the digital coin dubbed ‘GlobalCoin’ across 12 countries in the coming year. In preparation for the launch, Zuckerberg has reportedly consulted a few people on the issue. He reportedly met with the governor of the Bank of England last month to discuss the risks and opportunities involved in launching its own cryptocurrency.

That wasn’t the first time he consulted for advice amid the preparation as a related news stated that he had a sit down with officials from the US Treasury to seek advice on operational and regulatory issues.

Well, there is nothing like over preparation. Again, cameras have been pointed on the social media lately due to ongoing privacy-breach issues; thus, springing up concerns on how well consumers’ data will be handled with the anticipated digital coin. It is also critical to note that Facebook has had a go at digital currency before now with ‘Facebook Credits.’ Sadly, the virtual currency project failed. This would be the second shot at incorporating a native currency into the platform and the company obviously hopes the second time is the charm.

Even as Facebook plans to launch the crypto coin in the first quarter of 2020, the social media giant is reportedly preparing to test the coin later this year. We hope to get more information on the test soon.

As preparations for the launch are ongoing, Facebook’s CEO is also meeting with money transfer companies to garner partners for the digital coin should the launch go as planned. Report also has it that the social media giant will have to join forces with banks and brokers to allow for easy conversion from crypto coin to fiat currencies. In addition, the coin is reportedly going to be pegged against a number of fiat currencies to ensure its stability, making it a stablecoin.

All of this work into the cryptocurrency project shows that the social media giant came back to crypto stronger and better this time. It just might be worth the wait after all.

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