According to the BBC, Facebook wants to start testing its cryptocurrency by the end of this year and the token should appear in some countries in the first quarter of 2020. The cryptocurrency would be known internally under the name GlobalCoin.
Facebook’s plan is to introduce the GlobalCoin in a dozen countries in early 2020, the BBC writes. The company is expected to release more details about its plans with the cryptocurrency in the summer and plan to conduct a test at the end of this year.
It is not known whether the virtual means of payment will eventually appear under the name GlobalCoin. Earlier rumors spoke of Project Libra as the internal name for the project. According to the British broadcaster, Facebook’s goal is to remove financial barriers, compete with banks and reduce costs for consumers.
Facebook CEO Mark Zuckerberg is said to have discussed his plans with the chief executive of the Bank of England, sought advice from the United States Treasury Department and negotiated with financial services firm Western Union.
In addition, according to the FT, Facebook would collaborate with Gemini, the company of the twins Cameron and Tyler Winklevoss. Gemini is a cryptocurrency exchange. The Winklevoss brothers are best known for their claim that Facebook founder Mark Zuckerberg stole their idea for a social network with profiles. They settled the case for $65 million.
According to reports, GlobalCoin is a so-called stablecoin whose value is linked to that of the dollar. Facebook users could save coins by watching ads on Facebook and they could pay for products with the coins after clicks on ads. Payment via WhatsApp would also be possible.