Facebook plans to launch its cryptocurrency by the first quarter of next year, reports BBC news. The company is expected to release more details about the currency this summer, before testing starts later in 2019. The currency, which is internally referred to as "GlobalCoin," is said to be available in a dozen countries at launch, where it is expected to offer people affordable and secure payments without the need for a bank account.
The currency will have to overcome numerous technical and legal obstacles before it can be launched. According to BBC news, Last month, Facebook CEO Mark Zuckerberg met the director of the Bank of England, Mark Carney, to discuss the opportunities and risks of the planned digital currency. In India, however, Facebook can do a more difficult job, which has led to one hostile attitude to virtual currency. India is said to be a major concern for the new currency, where Facebook hopes that Indian employees will send money to their families abroad with WhatsApp.
The company has been in talks with the US Treasury Department, as well as money transfer agencies such as Western Union, to discuss operational and regulatory issues related to the cryptocurrency.
We first heard about Facebook's cryptocurrency ambitions last May when it was reported that David Marcus, who had previously served on the Coinbase board of directors and was the president of PayPal from 2012 to 2014, is the new blockchain division of led the company.
Reports suggest that the currency can be designed as a "stablecoin, "With a value associated with the US currency in an effort to minimize volatility. But even without the volatility associated with most cryptocurrencies, Facebook still needs a lot of work to get its users to trust GlobalCoin after years of scandals that have affected the public image.