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Facebook plans unveiled for ‘GlobalCoin’ Cryptocurrency in 2020

Written by Ellis Sweetenham on 24 May 2019

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As many other big businesses have done recently, Facebook have announced they will be bursting into the cryptocurrency scene.

While much detail hasn’t been released, the currency will be called ‘GlobalCoin’ and is due to be set up in 2020. By then end of this year, it is hoped that the testing will begin, to ensure to matches up to the market.

The aim of this is for Facebook to create a digital currency that provides affordable a secure way of making payments, as an alternative to the common bank transfer.

It seems that this is a serious venture with talks already taking place between Facebook and the Governor of the Bank of England and the official of the US Treasury.

Rumours of this project have been circling last year, with the nickname project Libra being attached to it.

This is certainly one to watch, keep your eye on the Reading Room for updates!

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