Facebook plans its own currency, bypassing banks

Facebook plans its own currency, bypassing banks

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Initially, the crypt will be available to users from several countries who will make secure payments without using bank accounts, and Facebook will tie up its crypto money with real money to avoid sharp fluctuations in the pipeline.

Facebook plans to launch its own crypto light and payment system in the first quarter of next year, the BBC reported. It is expected that the company will discover project details this summer before triggering cryptolighting tests that are currently known as GlobalCoin.

It is assumed that at the beginning of the crypt will be available to consumers from several countries who will be able to make secure payments without using bank accounts. But before launching GlobalCoona, Facebook has to solve a number of technical and legal issues.

Earlier this year, founder and Facebook leader Mark Zuckerberg met with Bank of England chief Mark Carney to discuss the prospects and risks associated with social networking plans to create their own cryptology. Facebook also has a special interest in the Indian market – the company expects many Indians living abroad to use GlobalCoin to transfer funds to their relatives using WhatsApp messenger (which belongs to Facebook).

But the stumbling block on Facebook may be a negative attitude of the Indian authorities to crypto-laurels as a whole. Finally, Facebook negotiates for his project with US Treasury, and money remittance companies, including Western Union, reminded market inspectors.

Rumors that Facebook wants to create their own crypto light occurred about a year ago, and in December 2018 it became clear that the company was already developing a crypto-type “stealthball” type – digital real-time currencies to avoid sharp fluctuations in progress.

After that, the news came that Facebook would link its crammed with the US dollar. Facebook will, however, have to make a lot of effort to get GlobalCoin to gain consumer confidence, given the numerous scandals that have worsened the reputation of the social network, “The Verge said.

Facebook plans its own currency, bypassing banks

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