Facebook, a social media hub is also set to unveil its own cryptocurrency christened as ‘’GlobalCoin’’ in the year 2020 according to a BBC report.
The company aims to unveil a payment system which is based on the cryptocurrency in several countries. It plans to execute this by the first quarter of the year 2020. Most of the advisors on his issue are said to have come from Mark Carney, the Bank of England governor and officials from the U.S. Treasury.
Other payment firms such as Mastercard, Western Union, and Visa have been on talks with Facebook to help it in the cryptocurrency which is fiat-based. This project is said to aid billions of Facebook users to transfer money and facilitate them in online purchases.
Facebook recently launched a new unit in Geneva known as ‘’Libra Networks’’. This will provide a technological and financial service and at the same time develop both software and hardware with respect to it.
A report indicated that Facebook aims to raise about $1 billion to fund the cryptocurrency project. The results are widely anticipated globally.
