According to the BBC, Facebook wants to start testing its crypto currency at the end of this year and the token should appear in some countries in the first quarter of 2020. The crypto currency would be known internally under the name GlobalCoin.
The plan of Facebook is to introduce the GlobalCoin in a dozen countries in the beginning of 2020, writes the BBC . The company would release more details about its plans with the crypto currency in the summer and would like to take a test at the end of this year.
Whether the virtual payment method will eventually appear under the name GlobalCoin is unknown. Earlier rumors spoke of Project Libra as the internal name for the project. The purpose of Facebook is, according to the British broadcaster, to remove financial barriers, to compete with banks and to reduce costs for consumers.
Facebook’s CEO Mark Zuckerberg is said to have discussed his plans with the Bank of England’s chief executive, sought advice from the United States Department of Finance and negotiated with financial services provider Western Union.
In addition, according to FT.com, Facebook would collaborate with Gemini, the company of the twins Cameron and Tyler Winklevoss. Gemini is an exchange for crypto currency. The Winklevoss brothers are best known for their claim that Facebook founder Mark Zuckerberg has stolen their idea for a social network with profiles. They settled the case for 65 million dollars.
According to reports, at GlobalCoin it is a so-called stablecoin whose value is linked to that of the dollar. Facebook users could save coins by viewing advertisements on Facebook and they could pay for products with the coins after clicking on advertisements. Payment via WhatsApp would also be possible.