Tuesday, November 24, 2020
Home Lead Story Facebook to Launch its Cryptocurrency Next Year: Report

Facebook to Launch its Cryptocurrency Next Year: Report

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps

Facebook, which owns WhatsApp and Instagram, is gearing up to launch its own cryptocurrency next year, the BBC reported on Friday.

Called “GlobalCoin,” the cryptocurrency would work with a new digital payments system in about a dozen countries starting in the first quarter of 2020.

Facebook has been in contact with US and British financial regulators to launch it.

According to the BBC, Facebook is in touch with “Bank of England governor Mark Carney and officials at the US Treasury”.

With over two billion users across its platforms, Facebook could emulate WeChat in China which allows its users to chat, shop and play games without leaving its platform.

The Facebook cryptocurrency would need to overcome numerous technical and regulatory hurdles before it can be launched.

According to media reports, the Facebook currency could be designed to be a “stablecoin” with a value pegged to US currency in an attempt to minimize volatility.

A report last week said Facebook has reportedly set up a company called Libra Networks in Switzerland that is developing payments and Blockchain systems for the social networking giant.

virtual currencies, bitcoin, investors
Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

According to a report in CNET quoting Swiss publication Handelszeitung, the Facebook cyrptocurrency would be tied to the US dollar and could, therefore, remain stable unlike Bitcoin which has crashed.

“Facebook set up Libra Networks in Geneva several weeks ago. Libra is the social network’s internal project name for the digital currency,” the report said.

The Swiss company would focus on developing the software and hardware for currency-related functions like payments, Blockchain, analytics, big data and identity management.

Facebook declined to comment on the new report.

Also Read- Microsoft Interns Make English Learning App

According to a report in The Wall Street Journal earlier this month, the social media giant is “recruiting dozens of financial firms and online merchants” towards its cryptocurrency-based system that would use a digital coin similar to Bitcoin.

The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.

In a public interview with Harvard Law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he is “potentially interested” in putting the Facebook login on the Blockchain technology.

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps. (IANS)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,783FollowersFollow

Most Popular

Snapchat Releases Spotlight, To Pay Top Creators

Taking on TikTok, Popular photo-messaging platform Snapchat on Monday officially released Spotlight where Snapchatters will also have the opportunity to earn as they do...

Care For COVID+ Mothers and Newborn Babies

Many COVID-19 positive pregnant women experience mild symptoms of cold or flu. However, pregnant women who are older, overweight, or have pre-existing medical conditions...

MP Govt To Produce Clean Fuel From Stubble Burnt

The Madhya Pradesh government has proposed a plan to set up an industrial unit producing fuel from stubble burnt by the farmers in the...

Felling of 315 Trees When Air Quality is Worse in Delhi

The Delhi High Court on Monday sought a response from the AAP government and others over a petition against an order for felling of...

Cyber Frauds May Increase in India in 2021: Kaspersky

With more users getting connected to the Internet and entering the digital payments ecosystem, cyber fraud incidents may go up in 2021, a researcher...

UP Marks Record in Production And Sales of Sanitizers

The Yogi Adityanath government in Uttar Pradesh has used the 'opportunity in adversity' concept to create a record of sorts in the production and...

Greater Risks of STI in People Above 45

Researchers have found that people above 45s are at a higher risk of contracting sexually transmitted infections (STIs) than ever before because of society's...

SC Happy About Permanent Commission of Women Army Officers

The Supreme Court on Monday expressed happiness after learning that the Centre has implemented its verdict to grant permanent commission to women officers in...

Recent Comments