Social media mammoth Facebook has set out daring plans to launch its new cryptocurrency, GlobalCoin, and has apparently detailed its strategy to beat Bitcoin as the world’s most popular and most used cryptocurrency, according to Forbes.
It has been reported that Facebook will not directly manage this latest rival to Bitcoin. Instead, “an independent foundation” will be the one controlling GlobalCoin, a move likely to deflect centralization concerns and improve their compliance with financial regulators.
Bitcoin News has written about Facebook’s busy work in discussing and negotiating with financial and tech institutions over the past months. Its founder, Mark Zuckerberg, had been in a meeting with Bank of England governor Mark Carney in April to talk about the risks and opportunities of launching such a crypto. They later even met with Coinbase and others, trigerring all kinds of speculation about possible partners. Then, it was planned to launch GlobalCoin in 2020 but things have seemed to been sped up.
All this news came on the back of Facebook recently registering a new financial tech firm, Libra Networks LLC, in Geneva, which will offer financial services such as payments, identity management, financing, big data, data analysis, and blockchain.
The cryptocurrency is said to appear much like Bitcoin, but is linked to a Facebook project codenamed Libra and is thought to be focused at developing countries, where national currencies are less stable and its people will use the crypto as a “borderless currency”.
It is also accepted that GlobalCoin will be a so-called stablecoin pegged to the US dollar, and is widely expected to a payment option, integrated into Facebook’s popular messaging app WhatsApp and Messenger, as well as on photo-sharing app Instagram.
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