Facebook 'to launch cryptocurrency in 2020'
Founder Mark Zuckerberg has reportedly discussed digital payment system with Bank of England governor Mark Carney
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Facebook is preparing to launch its own cryptocurrency in 2020, it has been reported.
The social media giant will set up the digital payment system in about 12 countries in the first three months of next year, according to the BBC.
Facebook founder Mark Zuckerberg has reportedly discussed the plan with Bank of England governor Mark Carney and consulted the US treasury about operational and regulatory issues.
The company is expected to announce details of the cryptocurrency, known internally as GlobalCoin, this summer and begin testing the system later this year.
Facebook first confirmed it was “exploring ways to leverage the power of blockchain technology” last year, when it was reported to be working on a system that lets users convert currencies into digital coins and transfer money over its WhatsApp messaging apps.
Earlier this month, the firm established a new financial technology company focusing on blockchain – the technology on which cryptocurrencies run – as well as payments, data analytics and investing.
Libra Networks, with Facebook Global Holdings as stakeholder, was registered in Geneva on 2 May to provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register show.
A secret team of around 50 Facebook employees have been working on the cryptocurrency, The New York Times reported earlier this year.
The US Senate banking committee has raised questions about the project’s implications for consumer privacy. It wrote to Mr Zuckerberg this month asking him to address legal, regulatory and privacy concerns.
Facebook, which has 2.38 billion active users, has faced prolonged criticism over misuse of personal data.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments