Categories: NewsTechnology

Facebook GlobalCoin Cryptocurrency To Launch in 2020

Facebook has finally revealed an upcoming project today 24 May. The social-messaging apps disclosed its plans to launch a cryptocurrency by first quarter of 2019. While the company is equally expected to disclose more details about this project this summer, before the official testing later this year, the currency known as GlobalCoin was reported will be available in around a dozen countries during the launch. It aims at offering individuals secure payment without needing a bank account.

Reported on BBC News, the currency however will need to overcome several technical hurdles and regulatory before launching.  Earlier, Mark Zuckerberg, the CEO of Facebook had visited the Mark Canery, the Bank of England’s Governor to deliberate on the risk alongside the opportunities associated with digital currency.

Mark Zuckerberg, the CEO of Facebook

Nevertheless, the social media messaging app might have a harder task it’s facing in India, most especially as it has taken a hostile attitude to achieving the virtual currencies. In another report cited by Waterballon.me, India was recognized as a key focus for the new currency. The  Social Media Messaging app expects the new currency will enable Indian workforces staying abroad to send in dividends back home to their families using the WhatsApp app. Sounds interesting right?

Owen Cooper

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