Facebook finally reveals the name 'GLOBALCOIN' for her anticipated Project 'Libra' and plans to launch by the first quarter of next year, as reported by BBC News. The company is expected to reveal more details about the currency this summer, 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.
According to BBC News, the currency will need to overcome numerous technical and regulatory hurdles before it can be launched.
Last month 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.
Reports suggest that the currency could be designed to be a “stablecoin,” with a value pegged to US currency in an attempt to minimize volatility. However, even without the volatility associated with most cryptocurrencies, Facebook will still have a lot of work to do to get its users to trust GlobalCoin after suffering years of scandals that have tarnished its public image.
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