Facebook, which owns WhatsApp and Instagram, is gearing up to launch its own cryptocurrency next year, the BBC reported on Friday.
London: Facebook, which owns WhatsApp and Instagram, is gearing up to launch its own cryptocurrency next year, the BBC reported on Friday.
Called “GlobalCoin,” the cryptocurrency would work with a new digital payments system in about a dozen countries starting in the first quarter of 2020.
Facebook has been in contact with US and British financial regulators to launch it.
According to the BBC, Facebook is in touch with “Bank of England governor Mark Carney and officials at the US Treasury”.
With over two billion users across its platforms, Facebook could emulate WeChat in China which allows its users to chat, shop and play games without leaving its platform.
The Facebook cryptocurrency would need to overcome numerous technical and regulatory hurdles before it can be launched.
