Social media giant Facebook is currently planning to launch its own form of cryptocurrency called “GlobalCoin,” by first quarter of 2020.
According to the report gathered from BBC, it is made known that a certain numbers of countries over the world has been listed for the first phase of the roll out.
This will enable citizens from the approved countries to use GlobalCoin to purchase digitally.
It was uncovered that GlobalCoin will be tested on blockchain by the end of the year 2019, also to avoid future financial irregularities Facebook has been in talks and agreement with US Treasury likewise Bank of England.
Not only the two above but also the Social media giant has also initiated discussions with Western Union(money transfer) on how to facilitate exchange of funds without glitch or need for having a bank account.
Doesn’t it looks like we wouldn’t be needing a bank account as a necessity? I think we are arriving that stage soonest.
It was recalled that in May 2019, there was skull session on this being set up by Facebook in Switzerland and it was made opened.
Libra Networks affirms Facebook is one of it’s stakeholders and is ready to provide financial assistance technology wise.
This means the blockchain development, data analytics, hardwares and software’s and other related services that would be needed to achieve excellent results will be provided.
It is evident that if this is up, Facebook Libra arm might be the next generation central hub for social networks crypto-currency.
Popularity shouldn’t be a barrier here, as Facebook has it in bulk integrated with all their services likewise gathering information from its subscribers and users.
Also just as crypto currency transactions can be traced via links confirmation on other crypto services, Facebook through block chain technologies will have more improved records on all transactions being made.
So trading or transactions on GlobalCoin can be traced back to all participants either the sender or receiver.
This new development might provide Facebook an avenue to even gain more revenue opportunity, hence targeting adverts by its users also to improve shopping and normal transaction.
Adopting this might be a little problematic as Facebook needs to make awareness for people to be familiar and adopt this process of payment.
Interestingly, Facebook has its plan already to tackle this issue before the final launch is being done.
Facebook is already in touch with brokers and banks to permit users the eligibility of converting fiat currency into GlobalCoin.
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Likewise had agreement with some merchants who are willing to accept the coin with discount I’m transaction.
Though Facebook team hasn’t made most of this known to people officially so some information are being concealed.
As touching the issue of privacy and security, this is a very important thing to note as regulators are already asking Facebook about what plan it has to curb the issue of coin theft or account exploitations.
Facebook CEO Mark Zuckerberg earlier this month has received countless of questions seeking for explanations on Facebook plans relating to the privacy protection of users by the US senate and Banking committee.
So, what is your take on this, would you welcome this new development of Facebook with open arms?