According to information obtained by the BBC, Facebook is expected to launch its cryptocurrency in 2020. It would be called the Global Coin.
When Facebook is eyeing online commerce, it does not do things halfway. By 2020, the social network will launch its own cryptocurrency, in a dozen countries. It will be called the Global Coin, according to information published by the BBC this Friday, May 24.
FIRST TESTS IN 2019?
The aim is to carry out the first cryptocurrency tests at the end of 2019, for a start in early 2020. These dates should be formally specified this summer.
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| Facebook will release its own cryptocurrency. |
According to the BBC, Mark Zuckerberg met in April with Bank of England's head Mark Carney to discuss the benefits and risks of a cryptocurrency. Facebook has also asked for some advice from members of the US Treasury and discussed with money transfer services like Western Union.
The social network tried several years ago to create a virtual currency, the Facebook Credits - a project since been abandoned. Facebook, on the other hand, only partially fulfill its ambitions in terms of cryptocurrency. They have been known for about a year. In May 2018, a Cheddar journalist revealed that it was a project under development.
THE QUESTION OF DATA SECURITY IS RESURFACING
The currency that wants to develop Facebook is a virtual currency, secure and accessible to all, whether users have a bank account or not.
It would be a way to bypass the intermediaries normally required for online trading, such as banks. This is good because the social network is trying more and more to find a place in this market. Whether on Facebook or Instagram (A platform bought by the giant in 2012), sales and purchase features have multiplied. Recently, new buttons to buy in a click a garment spotted on Instagram have been presented for example.
The cryptocurrency would be convertible into dollars or other non-virtual currencies. Its launch will probably have to be accompanied by substantive discussions on trade security. For over a year now, Facebook has been at the heart of many scandals concerning the collection, storage or use of personal data of its users. These will surely need to be a little reassured before using a currency created by Facebook.
In early May, the US Senate wrote an open letter to the company's CEO, Mark Zuckerberg, asking him to provide more details on how the currency works. Questions were raised about the protection of customers and their personal data.
