Facebook plans to launch its cryptocurrency by
the first quarter of 2020. The
company is expected to reveal more details about the currency before testing
begins later in 2019. The currency, which is being referred to internally
as “GlobalCoin,” will
reportedly be available in around a dozen countries at launch, where it’s
expected to offer people affordable and secure payments without the need for a
bank account.
The currency will need to overcome numerous
technical and regulatory hurdles before it can be launched. Facebook CEO Mark Zuckerberg met
with the Bank of
England’s governor Mark Carney to discuss the
opportunities and risks of the planned digital currency.
India-Key
focus:
However, Facebook might have a harder job on its
hands in India, which
has taken a hostile attitude towards virtual currencies. India is reported to
be a key focus for
the new currency, where Facebook hopes it will allow
Indian workers abroad to send money back home to their families using WhatsApp.
What
is a Cryptocurrency
A cryptocurrency is a digital or virtual
currency that uses cryptography for security. A cryptocurrency is difficult to
counterfeit because of this security feature. It is not issued by any central
authority, rendering it theoretically immune to government
interference or manipulation.
The first blockchain-based cryptocurrency was
Bitcoin, which still remains the most popular and most valuable. Today, there
are thousands of alternate cryptocurrencies with various functions or
specifications.
