Facebook’s Cryptocurrency Will Pay Interest to Users, Predicts Blockchain Regulator

Facebook reportedly launching new cryptocurrency in June

Facebook reportedly launching new cryptocurrency in June

Facebook is expected to announce its digital currency at some point this month, as the social network company has found outside backers that will help strengthen the trust in its upcoming cryptocurrency, The Information reports.

The team has been working at a location in the headquarters kept off-limits from others in order to preserve as much secrecy as possible even though the various team-ups with companies seem to have leaked more than enough information.

According to the report, Facebook is in talks with companies to lure them to pay $10m to operate an intersection that can affirm the transactions made with the cryptocurrency, in exchange for a seat at the governing table of the token.

According to BBC, Facebook is planning to formally launch its cryptocurrency next year.

Laura McCracken, Facebook's head of financial services and payment partnerships for Northern Europe said that GlobalCoin would be revealed later this month, saying that a white paper for the token would be published on June 18. As we mentioned earlier, there are still no updates.

Long believes that Facebook's token will be a "Trojan horse" for Bitcoin, and "will greatly accelerate the pace of teaching people about cryptocurrencies". To make the currency viable, Facebook has been working with governments to get approval for the token's use.

Not everyone at Facebook is as excited for its cryptocurrency venture as Zuckerberg.

And Long says Facebook's coin launch may end up playing out much like the current situation in Venezuela. To keep it stable, GlobalCoin will be backed by millions in fiat currency.

Lastly, the main goal of the project "Libra" seems to aid the digital currency to attain its position as an worldwide alternative to APpplePay in the United States of America and WeChat in China. Basically, it wants to transform Facebook into the nation's dominant payment platform. Thus, Facebook will be under pressure to share these funds to users.

Facebook will look to dominate the Indian markets by making the transfer process free of fees as well as simple to perform.