Social Media Platform Facebook is fully ready to launch its own Cryptocurrency known as "GlobalCoin" in 2020, as per the BBC news report on May 24.
The BBC reports that Facebook is planning to release the cryptocurrency based payments system in a "dozen of countries" before April 2020 and is planning to start testing of the cryptocurrency before the end of 2019.
Facebook has seemingly thought of taking advice from the Governor of Bank of England, Mark Carney about opportunities and regulatory issues which are involved in the launch of the project, which is internally known as "Project Libra."
Various other details about Facebook's crypto plan are anticipated to be disclosed in the next few months, the report stated.
Apart from this, the social media giant has taken advice from the United States Treasury of Officials on operational and regulatory matters. The firm did this to discover checks procedures and reduce money laundering risks, the BBC claims.
The report also mentions Facebook's ongoing debate with the leading payment services provider Western Union allegedly as a part of its research for offering money transfer services especially for the unbanked.
As per the details shared by FT, Facebook is in talks with crypto exchanges such as Coinbase and Gemini in a hope to build a third-party, regulated platform for uses of its coin to store and exchange the asset.
Moreover, Gemini is being founded by Mark Zuckerberg's old rivalries, Cameron and Tyler Winklevoss, however, they also run a highly regulated exchange, an element which might seek the attention of Facebook as regulation is one of the key issues of the new cryptocurrency.
Facebook is also talking about market creation and liquidity with Jump and DRW, leading Chicago-based high-frequency trading firms, the sources stated.
There have been also reports which state that Facebook is in talks with payment companies such as Visa, MasterCard, and Western Union, to support and fund its planned fiat-based cryptocurrency.
Facebook's upcoming cryptocurrency will finally seek to disrupt or fully bypass banking networks in a bid to reduce financial barriers and decrease costs.
In order to launch its crypto payment network, Facebook has to cooperate with banks and brokers worldwide to use crypto-exchange services and fiat on-ramping, the BBC states.
On May 2, Facebook registered a new firm known as "Libra Networks" in Geneva to offer financial and technical services and develop required hardware and software.