The social network Facebook will give a presentation of Global Coin cryptocurrency in June 2019. The digital asset will serve as a mean of international money transfer. It is reported by The Information.
Access to the virtual currency from Facebook will be received by users from all countries in which the social network operates. Global Coin will appear on three platforms at once: social network Facebook, Facebook Messenger, and WhatsApp application. Moreover, the company plans to install terminals for the purchase of cryptocurrencies.
Facebook offers interested companies to start working as the Global Coin network nodes, but they will have to pay $10 million for this. Blockchain nodes will receive money for processing transactions in Global Coin coins in the same way as Bitcoin miners. The main difference is that the digital asset network from Facebook will be centralized.
At the end of May, there was information that Facebook will release virtual currency by the first quarter of 2020.
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The company intends to begin testing the payment system before the end of 2019, so the development of the final version of the blockchain will take approximately one year. According to journalists from the Financial Times, Facebook is discussing with Coinbase and Gemini exchanges the possibility of launching Global Coin trading and custodial services for coin owners.
Global Coin will receive the status of stablecoin, as its rate will be pegged to the US dollar. To ensure the stability of the asset, Facebook is negotiating with payment systems Western Union, Visa, and Mastercard. According to preliminary data, Global Coin can be transferred anywhere in the world, as well as to pay in coins for goods and services. To implement the project, Facebook has registered a new enterprise in Switzerland – Libra Networks.
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