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Facebook's cryptocurrency is planned to roll out in Q1 2020.
Facebook’s path to the crypto world is getting clearer. An update by BBC said that Mark Zuckerberg’s company plans to roll out their crypto in the first quarter of 2020.
Referred internally as the “GlobalCoin”, it will be tested by the end of the year, before it’s set up as a digital payment system in about a dozen countries.
It is reported that Zuckerberg has met with the Bank of England governor, Mark Carney to discuss about the opportunities as well as the risks involved in the launch of the cryptocurrency, while also seeking advice on operational and regulatory issues from officials at the US treasury.
The company has also met with Western Union, discussing about cheaper and faster ways to send and receive money for unbanked people.
Prior to the news, the social media giant was reported to have registered a new company in Geneva Swiss, called Libra Network, which is unlike the aforementioned coin name, it resounds with the name of the project, Project Libra.
Lastly, the detailed plan of the GlobalCoin is expected to be announced this summer as the test schedule is approaching.
Stay tuned with Chepicap for more updates on Facebook’s cryptocurrency project.