Facebook To Release Its Own Cryptocurrency Next Year?

A lot has been said about Facebook’s native crypto which was set to release in Q3 of 2019. However, it looks like the recent talk around the market is that the coin will be released sometime next year.

The currency which is primarily going to serve as a payment currency,  would work with a new digital payments system in a handful of countries, starting in the first quarter of 2020, reported BBC on its website.

Recently the social me giant opened up a new Fintech firm in Switzerland and is reportedly in talks with US and British financial regulators, with regard to the anticipatory launch of the crypto next year.

According to the BBC, Facebook has been in talks with the Bank of England governor Mark Carney and the officials at the US Treasury, and was looking to map out its plans this northern hemisphere summer.

“GlobalCoin” is looking to emulate WeChat and what it did with making crypto payments popular in China, as well as mainstream. Facebook founder Mark Zuckerberg has said that adding e-commerce is the logical evolution of the company’s advertising-based business model.

Facebook already owns Whatsapp and Instagram, and they have a huge combined userbase that would lap up their e-commerce idea. However, considering Facebook is already under such regulatory scrutiny, if they do decide to do this, they have to re-establish their credibilty for ensuring privacy.

Facebook has been heavily invested in blockchain technology under its “Project Libra”, which could possibly help in tackling doubts about privacy among its many users following a series of scandals. All that is left to do now is to anticipate a concrete launch date from their end.