FT Report: Facebook Talks With Cryptocurrency Exchanges For Its Globalcoin Launch

Mae Love
May 26, 2019

New details have emerged on Facebook's planned cryptocurrency, with several outlets reporting that The Social Network is finalizing plans to launch its own "GlobalCoin" option early in the new year.

The BBC also reported that Facebook had been in talks with the U.S. Treasury and the Bank of England governor Mark Carney about its crypto plan.

Facebook also wants to collaborate with money transfer giants including Western Union to develop economical and quicker methods for users who do not have bank accounts to transfer (send or receive) currency. "Companies large and small, like Facebook, are looking at how blockchain can help their business in this new digital era, and we are just at the start of the journey of this fledgling industry", he adds.

It is said their idea is to open ways for users to make payments even if they do not have a bank account.

Facebook CEO Mark Zuckerberg reportedly talked to Britain's central banker about launching a cryptocurrency.

According to a report by the BBC, Facebook has serious plans introduce its own crypto currency.

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Previous reports have said Facebook is taking a serious look at blockchain technology under its "Project Libra", in part to tackle doubts about privacy among its many users following a series of scandals.

Facebook said it had disabled 2.19 billion fake accounts in the first quarter of this year, almost double the number of the three months prior.

Earlier this month Facebook co-founder Chris Hughes called for the break-up of the company in a New York Times opinion piece, saying Mr Zuckerberg's "focus on growth led him to sacrifice security and civility for clicks".

A spokesman for the Bank of England said it did not comment on private meetings.

Facebook launched Project Libra more than a year ago to allow money transfers between WhatsApp users.

As part of its new idea, nicknamed Project Libra, Facebook wants to allow people to change global currencies into its digital coins and purchase goods and services in the real world.

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