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Cryptocurrency | Facebook plans to launch cryptocurrency in 2020

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The world's largest social media giant, Facebook, plans to launch its cryptocurrency in early 2020 and will be available to Facebook users worldwide.

Around 2.4 billion Facebook users can convert international currencies into digital coins. The coin can later be used to buy goods on the internet, shops and other outlets that support it, and can send money without a bank account.


Last month Facebook CEO Mark Zuckerberg met with the Bank of England, Mark Carney, to discuss the plan. Zuckerberg has also discussed the proposal with US Treasury officials and is in talks with money transfer companies, including Western Union, to develop cheap and safe ways to send and receive money. Last year Facebook worked on a project that would allow WhatsApp users to transfer money.

"Payments are one area that we have the opportunity to make it easier," Zuckerberg told a company developer conference last month.

In order for their Cryptocurrency to be stable, Facebook pegged its Cryptocurrency to established currencies like the US Dollar, Euro, and Japanese Yen. Facebook's cryptocurrency is also planned in return for users to interact with the best content by shopping online and viewing advertisements.

Regarding this, experts argue that Facebook's problems such as privacy and data protection will be the biggest obstacle to making Facebook coin a success.

"Facebook is not regulated in the same way as banks, and the cryptocurrency industry, by definition, is almost unregulated," said Rebecca Harding, CEO of banking trade data analytics company Coriolis Technologies.

a few years ago around 87 million Facebook user data was used illegally by Cambridge Analytica to target Donald Trump ads in the 2016 US presidential election.


Some time ago the US Senate in banking wrote an open letter to Zuckerberg, asking how the coin worked, what protection would be offered, and how the data would be secured.

Last month Facebook was rumored to be seeking funding of US $ 1 to support crypto money and had a meeting with Visa, Mastercard, and other payment companies.

Source: The Guardian


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