Published: Sun, May 26, 2019
Markets | By Otis Pena

Facebook's Cryptocurrency to be Presented in 2020

Facebook's Cryptocurrency to be Presented in 2020

Facebook plans to release its own cryptocurrency in early 2020, according to a report Friday from the BBC.

It was also reported that Facebook has been in the talks with Coinbase and Gemini exchanges because they're reportedly looking to prepare third-party, regulated platforms for users of its coin to store and exchange the asset. Earlier this month, the Wall Street Journal reported that Facebook has sought $1 billion in funding from payment technology companies such as Visa and MasterCard and financial institutions such as First Data Corporation for the project nicknamed "Project Libra".

It is said their idea is to open ways for users to make payments even if they do not have a bank account. Very soon, the company will draw a framework plan probably this summer time, and the current governor Bank of England (BoE) known as Mark Carney has already been informed of this futuristic initiative by Mark Zuckerberg. The crypto will reportedly get an official launch in about a dozen countries during the first quarter of 2020.

Bloomberg reported in December that Facebook is developing a so-called stablecoin, a digital currency whose value is pegged to fiat currency like the United States dollar.

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Meanwhile, it's also important to note that just recently Facebook has reversed its ban on crypto ads as another move to show support for the ecosystem.

Facebook's plan, seemingly, is to build its own transaction network which would facilitate funds transfers across borders, without the need for deals with local banks and/or financial regulators.

Facebook launched Project Libra more than a year ago to allow money transfers between WhatsApp users.

As well as this, the social network CEO is also said to have spoken to the US Treasury and Western Union.

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