Facebook reportedly launching new cryptocurrency in June

12 Juin, 2019, 05:25 | Auteur: Auguste Feret
  • Facebook exec confirms Global Coin will be tied to multiple currencies

Facebook's GlobalCoin could be launched as soon as this month according to several reports.

Despite all the different sources of information reporting the planned launch date of the cryptocurrency, it might be more important to actually know how the digital currency is set to work so as to be ready for it whether next year or on June 18th.

Though this type of cryptocurrency is pegged to the US dollar and is therefore more stable than other types of currency like Bitcoin, whose value regularly shifts by hundreds every couple weeks, Facebook will apparently look for outside help to manage the project. With the tokens planned to be used in WhatsApp and Messenger as well, it seems that the marketing team has also turned an all-aggressive gear through plans like offering sign-up bonuses to merchants who accept the cryptocurrency as a payment method.

The move aligns with Facebook's push into e-commerce. For example, Facebook could misuse information about its users of buying habits in order to offer better targeted adverts to attract further investment from firms. The company also announced a checkout feature for Instagram in March.

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Facebook has been embroiled in a series of privacy and data scandals in the last few years, so it may therefore be slightly optimistic of decision-makers to think people will trust them with their money, with that in mind the company has wasted no time in disclosing that it is actively searching for partners to form a foundation which will be tasked with the responsibility of governing the new cryptocurrency. Facebook "has courted dozens of financial institutions and other tech companies to join an independent foundation that will contribute capital and help govern the digital currency".

Also, in order to raise $1 billion, Facebook is allegedly been talking to major payment networks Visa and MasterCard that reportedly involves a stablecoin along with a crypto-powered online payments system. To make the currency viable, Facebook has been working with governments to get approval for the token's use.

Here's how Mark Zuckerberg's crypto solution could be forced to pay interest back to its users. This has reportedly been named as "Libra" and it is also said to be coming this month.

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