2020 will see a new cryptocurrency: “GlobalCoin”. Facebook will launch the crypotcurrency-based payment system in a “dozen countries” by the beginning of 2020, though trials will start before the end of this year. The social media giant has apparently already discussed regulatory issues for the initiative with the U.S. Treasury and the Bank of England governor Mark Carney.
GlobalCoin, known internally as “Project Libra”, would enable Facebook’s 2.4 billion monthly users to exchange currencies into its digital coins which could then be used to purchase items on the internet and in the physical world. Users can even transfer money without a bank account.
Reports allege that Facebook has also met with the Coinbase and Gemini exchanges to discuss third-party regulated platforms for GlobalCoin storage and exchange. Despite past issues with Gemini founders, the Gemini platform offers a highly regulated exchange which can help overcome regulatory hurdles for the new crypto, particularly in light of Facebook’s continued issues with user privacy. New sources are also reporting Facebook has engaged in discussions with payment firms like Western Union, Visa, and Mastercard.
“Payments is one of the areas where we have an opportunity to make it a lot easier,” says Mark Zuckerberg, the founder and chief executive of Facebook. “I believe it should be as easy to send money to someone as it is to send a photo.” More details about Facebook’s crypto plan are expected to be revealed as the project comes closer to trial.