Facebook is planning to launch its own cryptocurrency soon. The idea of cryptocurrency is not new but it got caught attention in 2017 with people seeing cryptocurrencies as potential investment opportunities. The year 2017 also saw companies playing with the idea of using cryptocurrencies to improve the current financial system.
The crypto wave might have died out but companies are still working on using Blockchain and cryptocurrencies as a way to improve the current technology and Facebook is one such company. The company has dropped subtle hints about the development of a cryptocurrency in the past and it looks like they are now in the final stage of the development. Facebook will be naming its cryptocurrency GlobalCoin and it hopes to give users an easier and more affordable way to send and receive money.
It is also partnering up with Western Union to smoothen the process and allow users who don’t have a bank account to use the facility as well. The company is also in talks with the US government and the Treasury to get the specific permissions and to make sure the platform is not used for money laundering. Not only that, but Facebook is also looking to peg its coin against popular fiat currencies like US Dollars to fluctuation related risks.
While it’s good to see Facebook working on a better financial solution, it would be hard to trust the company with money given all the scandals it faced in recent years. However, we trusted Donald Trump with the nuclear launch codes so I think we should be fine.