Facebookplans to launch itscryptocurrencyby
the first quarter of2020.The
company is expected to reveal more details about the currency before testing
begins later in 2019. The currency, which is being referred to internally
as“GlobalCoin,”will
reportedly be available in around a dozen countries at launch, where it’s
expected to offer people affordable and secure payments without the need for a
bank account.
The currency will need to overcome numerous
technical and regulatory hurdles before it can be launched.Facebook CEO Mark Zuckerbergmet
with theBank of
England’s governorMark Carney to discuss the
opportunities and risks of the planneddigital currency.
India-Key
focus:
However, Facebook might have a harder job on its
hands inIndia,which
has taken a hostile attitude towards virtual currencies. India is reported to
be akey focus for
the new currency,where Facebook hopes it will allow
Indian workers abroad to send money back home to their families usingWhatsApp.
What
is a Cryptocurrency
A cryptocurrency is adigital or virtual
currencythat uses cryptography for security. A cryptocurrency is difficultto
counterfeit because of this security feature. It isnot issued by any central
authority, rendering it theoretically immune to government
interference or manipulation.
The first blockchain-based cryptocurrency was
Bitcoin, which still remains the most popular and most valuable. Today, there
are thousands of alternate cryptocurrencies with various functions or
specifications.
