May 24, 2019

Facebook plans to launch 'GlobalCoin' currency in 2020

Facebook is finalising plans to launch its own crypto-currency next year. Facebook wants to create a digital currency that provides affordable and secure ways of making payments, regardless of whether users have a bank account. Nicknamed Project Libra, Facebook's plans for a digital currency network were first reported last December. A decade ago, it created Facebook Credits, a virtual currency that enabled people to purchase items in apps on the social networking site. Facebook is in the initial phase of engaging with governments, central banks and regulators, and insiders admit that launching any crypto currency network by the start of next year is ambitious.

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