Facebook is planning to launch its own cryptocurrency in early 2020, allowing users to make digital payments in a dozen countries.
The currency, dubbed GlobalCoin, would enable Facebook’s 2.4 billion monthly users to change dollars and other international currencies into its digital coins. The coins could then be used to buy things on the internet and in shops and other outlets, or to transfer money without needing a bank account. In order to try to stabilise the digital currency the company is looking to peg its value to a basket of established currencies, including the US dollar, the euro and the Japanese yen.
I think it will be a payment mechanism, like a debit card. I think soon, every major bank and company will have their own. When will GoogleCoin and AppleCoin and MicrosoftCoin arrive?
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Update (6/14/19):
The cryptocurrency is now being called Libra.
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Update (6/14/19):
The cryptocurrency is now being called Libra.
CoinTelegraph's Marie Huillet reports that Facebook has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for its soon-to-be-unveiled cryptocurrency project. The news was reported by the Wall Street Journal (WSJ) on June 13. Source ostensibly familiar with the matter told the WSJ that the firms — extending across the finance, e-commerce, venture capital and telecoms industries — have each invested around $10 million in a consortium that will govern Facebook’s forthcoming digital token, dubbed Libra.
https://www.zerohedge.com/news/2019-06-14/facebook-crypto-project-libra-seals-10m-investment-each-visa-mastercard-paypal-uber
https://www.zerohedge.com/news/2019-06-14/facebook-crypto-project-libra-seals-10m-investment-each-visa-mastercard-paypal-uber
Update 2 (6/24/19):
While Facebook is now trying to sign up banks to the association governing the token, its new system is a challenge to banks that often act as middlemen in virtually all transactions, according to Charles McGarraugh, a former Goldman Sachs Group Inc. partner who has moved into the digital world as head of markets at cryptocurrency-wallet provider Blockchain.com.
“We are witnessing a re-orientation of financial services,’’ said McGarraugh. “Having custody of your own assets rather than depositing them in a bank is a totally different paradigm and a superior system to the too-big-to-fail construct that dominates the market now.’’
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