Social media giant Facebook may launch its own cryptocurrency by 2020. A BBC report revealed that the new cryptocurrency, which has been dubbed internally as GlobalCoin, may be launched in a dozen countries by the first quarter of next year. This report counters an earlier report that stated that Facebook may launch its cryptocurrency later this year.
Facebook may also outline more details about its later this year. Reportedly, CEO Mark Zuckerberg has also met with Bank of England governor Mark Carney to discuss opportunities and risks involved with launching a cryptocurrency. The company has also sought advice around operational and regulatory issues from officials at the US Treasury.
The BBC report further revealed that the company plans to provide an affordable and secure way to make payments. The project, nicknamed Project Libra, has been making the headlines for a few months. Facebook also registered a company called Libra Networks in Switzerland recently.
Facebook has Spoken to Winklevoss Twins
Another FT report has revealed that Facebook is also in touch with Zuckerberg’s arch rivals – the Winklevoss twins. Apparently, the talks have been regarding a possible cryptocurrency integration with Gemini, the cryptocurrency exchange owned by the Winklevoss twins. Facebook has been talking to Coinbase and Gemini to explore the possibility of cryptocurrency storage and the conversion of Facebook’s cryptocurrency into other cryptocurrencies.
While Zuckerberg has a bitter history with the Winklevoss twins which ended in a lawsuit, it looks like the trio may have buried the hatchet. Facebook may be talking to Gemini since it has close links to US regulators. Zuckerberg will need all possible regulatory help since handling cryptocurrency regulation in the US and across the globe will be a challenging task for Facebook.