Wednesday 16 October 2019

Facebook to enter cryptocurrency world with its planned roll-out of GlobalCoin


Mark Zuckerberg. Photo: Getty Images
Mark Zuckerberg. Photo: Getty Images

Jamie Harris

Facebook is edging closer to starting its own cryptocurrency with an aim to launch as soon as next year, a report has claimed.

Chief executive Mark Zuckerberg is thought to have met Bank of England governor Mark Carney to discuss the plans, according to the BBC, as well as speaking to the US treasury and firms such as Western Union, to develop an affordable way for people to send money to each other.

Dubbed GlobalCoin, testing will reportedly start at the end of the year ahead of a slated roll-out to about a dozen countries in early 2020.

The social network has long been rumoured to be exploring a digital currency, after hiring former PayPal president David Marcus in 2014 to run its Messenger app.

When asked for comment, Facebook repeated previous statements, saying: "Like many other companies Facebook is exploring ways to leverage the power of blockchain technology.

"This new small team is exploring many different applications. We don't have anything further to share."

It would not be the first time the social network has tried its hand at a digital currency, having run Facebook Credits until 2013, allowing people to buy in-app items through Facebook.

However, this new effort would go beyond the digital world, allowing users to buy goods and services in the real world, pegged against an established currency, such as the US dollar, euro or Japanese yen, for stability.

Irish Independent

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