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Facebook discusses its Globalcoin cryptocurrency with the CFTC

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It’s no more news that Facebook will be launching its own cryptocurrency called Globalcoin. The Globalcoin could be one of the greatest cryptocurrency as it’s going to be released to Facebook’s user base of more than 2.7 billion people. However, Globalcoin is still in its early stages but the Commodity Futures Trading Commission, the CFTC seems to have picked an interest in the proposed coin.

Christopher Giancarlo, CFTC’s Chairman, mentioned that the talks were necessary so the commission would know where Globalcoin “could potentially fall under the CFTC’s regulatory remit,” Financial Times reports on Sunday, June 3, 2019.

 

Facebook CEO meets major players before Globalcoin reaches the pilot stage

Mark Zuckerberg, Facebook’s CEO, has been in talks about the future of the social media giant’s official stablecoin. Several reports indicate that Mark has been in these discussions not only in the United States (US) but also in the United Kingdom (UK). Also, not just the CFTC, there have been underground discussions with the U.S. Treasury.

 

As per the discussions with CFTC, Chairman Christopher Giancarlo was quoted saying;

“We’re very interested in understanding it better.

“We can only act on an application; we don’t have anything in front of us.”

 

Though he said it was way too early to make decisions at this point, if Globalcoin is “limited to cash-based markets”, then the stablecoin won’t be under the control of the CFTC.

Previously, Coinnounce had reported, about a week ago, on Facebook’s CEO reaching out to his former classmates and rivals, Cameron and Tyler Winklevoss (The Winklevoss Twins) over Globalcoin.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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