The cryptocurrency will be launched in early 2020 allowing users to make digital payments in 12 countries.
Dubbed ‘GlobalCoin’, the cryptocurrency would enable users to change dollars and other international currency into digital coins. Facebook aims to provide users an efficient way for people to send and receive money regardless of whether users have a bank account.
Nicknamed Project Liba, Facebook’s plans for digital currency was first reported in December 2018. Mark Zuckerberg, the founder and chief executive of Facebook, discussed plans with the governor of the Bank of England, Mark Caney last month. Facebook is also in talks with Western Union and other money transfer firms. Facebook will have to cooperate with banks and brokers to access currency exchange services.
Since hiring the former PayPal president David Marcus, it as been long expected that Facebook will make a move in financial services.
The US Senate Committee on banking wrote an open letter to Zuckerberg raising questions on how consumer protection will be offered, how data will be secured and how the currency will work.
The letter wrote:
“It is important to understand how large social platforms make data available that can be used in ways that have big implications for consumers’ financial lives, including to market or make decisions on financial products or services that impact a consumer’s access to or cost of credit and insurance products, or in ways that impact their employment prospects.
“It is also important to understand how large social platforms use financial data to profile and target consumers.”
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