Facebook Global Coin Launches in 2020
BBC has mentioned that Facebook INC (Social Networking Giant) will launch its own Crypto currency by 2020. Cryptocurrency will launch in globally for testing purposes by end of 2020.
This news of Facebook entering into digital currency space could be a huge game changer where Facebook has already got the base of 2.38 Billion active users as per April 2019
Facebook was working on something Crypto related work about a year ago, since they have assigned David Marcus to a block-chain focused role who was handling their Facebook messenger team in March 2018. It plans to launch a global cryptocurrency based on payment and e-commerce system.
Facebook Inc. CEO Mark Zuckerberg also met Governor of Bank of England Mark Cartey last month to discuss the opportunities and risk Involved in launching global coin (Cryptocurrency). .
Bitcoin or any crypto currency are now renowned to the world and there are millions of users but still there are plenty of Questions in mind that how it will work for Facebook. So it goes like
What is a crypto-currency?
It is a Virtual currency which can be used to pay for things in the real world, such as a hotel room, food or even a house.
Will it be second time lucky?
It's not the first time Facebook has dabbled in digital currencies. A decade ago, it created Facebook Credits, a virtual currency that enabled people to purchase items in apps on the social networking site.
How Facebook Crypto currency will work?
They want to create a digital currency which will provide affordable and secure ways to make payments, above that it doesn’t matter you have a bank account or not.
Will Facebook Crypto-currency work?
As having Bitcoin or Digital Currency is not allowed in many countries and in some countries, you can’t convert them, therefore, it will totally depend.
What are the concerns?
Facebook has come under fire in recent years over its handling of users' personal data, and regulators are likely to examine the launch closely.
Countries where it's legal but some countries have prohibited users from using them. They are