While Facebook hides its cryptocurrency project, a report from the BBC shows the progress of its virtual currency. The media says that Facebook could reveal this project in the coming months.
Project Libra & GlobalCoin
Last month, Facebook CEO and founder Mark Zuckerberg reportedly met US and England representatives to share his progress. Internally, the overall project is called “Project Libra“, and the cryptocurrency is nicknamed “GlobalCoin“. It remains to be confirmed whether Facebook will use this name for the final version of its electronic currency.
As rumors announced that Facebook cryptocurrency would be launched this summer, the group would have finally revised its goal. BBC understands that the GlobalCoin will finally be launched in the first quarter of 2020. However, the first tests will be deployed internally in the second half of the year. As on most of his projects, Facebook will gradually move its cryptocurrency, starting with 12 countries.
Stablecoin Transfers On Facebook
With its cryptocurrency, Facebook wants to avoid the risk of speculation, and is therefore interested in what is called a “stable coin“. It is a cryptocurrency that is backed by a fiduciary currency. For each chip of the cryptocurrency that is issued, a quantity of “real” money is placed in a dedicated bank account.
The latest rumors announce that Facebook would seek $ 1 billion to finance the project. Also, Facebook has requested Western Union, Visa and Mastercard to support and finance this electronic currency.
By relying on an electronic motto for social networks Facebook, Whatsapp, and Instagram, the group could facilitate the transfer of money instantly between members of his community. It could also facilitate purchases directly on their social platforms.