FacebookCoin otherwise known as “GlobalCoin,” will be released in a number of countries by 2020, this is according to a BBC report.
The report also adds that the GlobalCoin, has been scheduled to undergo live testing by the end of 2019.
The coin which has been a guided secret amongst Facebook staff, is being designed with the aim of allowing it compete with banks and function as a global, online payments system with exciting reduced fees.
More so, the BBC reports that the token will be pegged to a “basket” of fiat currencies, including the US dollar and the Japanese yen.
On the regulatory side, Facebook is said to be meeting with a number of firms as well as government agencies. It confirms it has spoken with Bank of England chief Mark Carney and officials at the US Treasury to that effect; meanwhile on the commercial side, it has reached out to Western Union, a number of “online merchants” and, according to the FT, several exchanges — including that run by Zuckerberg nemeses the Winklevii.
From the onset however, the project has been full of suspicion, with some US senators airing their concerns over its privacy, while some wonder if it will offer any consumer protection for its prospective customers.
Burner Wallet’s Austin Griffith at Ethereal, while speaking to podcaster Laura Shin, asked: “Are they gonna hit the user with a wallet download?”
“If they hit users with the same things, they’re gonna see the same drop-off we see. They’ll find if they try to get users to have to download something and they hit them with a seed phrase up front, they’ll lose users.”
More so, author of Attack of the Fifty Foot Blockchain, David Gerard, questioned the purpose of Facebook’s cryptocurrency.
“The big problem is that nobody understands why on earth this should go on a blockchain,” he said.
“If Facebook acts as a money transmitter, it’ll have to be a completely regulated activity. Facebook already has multiple governments upset at it. So you bet it’ll be wonderfully compliant,” he noted.