Published: Sun, June 09, 2019
Markets | By Otis Pena

Facebook’s Cryptocurrency GlobalCoin Will Reportedly Be Announced This Month

Facebook’s Cryptocurrency GlobalCoin Will Reportedly Be Announced This Month

Previous year in April, RBI had issued a notification stopping banks in the country from providing financial services to crypto exchanges.

Many feel skeptical about Facebook's chances to disrupt the crypto industry after the company's name has been tainted with loud data scandals.

"The blockchain team is a startup within Facebook and we're exploring lots of areas of interest across all facets of blockchain technology".

Cryptocurrencies have been in the news for over a decade but has faced regulatory complications. Facebook had always been exploring the prospects with blockchain and was looking to diversify into fintech. These include companies like Mastercard, Visa, and Western Union, which are all essential to help fund and back Facebook's cryptocurrency. Sechin, however, seemed to be talking generally about how big USA tech firms like Google, Apple and Facebook are making moves into the energy industry.

David Marcus, who is heading up the project, served as a board member for crypto wallet and exchange service Coinbase.

Facebook's cryptocurrency will also act as an alternative to credit card transactions for facilitating microtransactions or conventional e-commerce business.

Lynas touts Chinese independence in push for rare earths growth
However, rare earths aren't as hard to come by as the term signals, but its refining process is costly and generates pollution . It also called for closer cooperation with USA allies, which dovetails with DLA's outreach to miners in Africa and elsewhere.

The Information's report also suggests that Facebook may unveil its cryptocurrency and white paper later this month. And it'll be targeting developing nations where government-backed currencies are more volatile; presumably due to having despotic rulers.

One thing that people need to know about Facebook's GlobalCoin is that a centralized firm will control the new cryptocurrency, unlike the other cryptocurrencies, which works on a decentralized platform. The cryptocurrency will be featured on Facebook's core platform, WhatsApp and Instagram, and could eventually have a physical presence through partnerships with retailers and ATM-like exchanges for traditional currency.

Earlier in 2019, Facebook acquired four people behind the blockchain startup, Chainspace.

CNBC notes that the Facebook cryptocurrency could be a crucial step for the social media giant to diversify its revenue beyond its main current source, which is advertising.

Facebook's cryptocurrency called GlobalCoin is reported to be announced this month.

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