Facebook says it will be launching its cryptocurrency – GlobalCoin – “in about a dozen countries” by the first quarter of 2020. We can expect more solid details by summer, BBC reports.
According to BBC, Facebook wants to make a digital currency that people without a conventional bank account can still use.
Facebook wants to work with banks and brokers to let users convert fiat currencies into its GlobalCoins. The social media firm is allegedly also in talks with money transfer services like Western Union to look for cheap ways to send money abroad.
BBC also says Facebook is in talks with online merchants to accept GlobalCoins as payment, with lower transaction fees as an incentive to use the digital coin.
Some big questions that need to be answered.
- How decentralized will this system be?
- How is Facebook going to use cryptography to secure users’ assets?
- Who is going to be able to see a person’s transaction history?
- Who is going to control this system?
After all Facebook doesn't have a good reputation of protecting user's data.
What do you think of all this? Will you buy or use the Facebook's owned cryptocurrency or you are going to give it a pass?