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https://www.bbc.co.uk/news/business-48383460Published by: BBC NEWS on 24 May 2019
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Facebook boss Mark Zuckerberg met Bank of England governor Mark Carney Facebook is finalising plans to launch its own crypto-currency next year. It is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020. The social media giant wants to starttesting its crypto-currency, which has been referred to internally as GlobalCoin, by the end of this year.
Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney.
Founder Mark Zuckerberg met Mr Carney last month to discuss the opportunities and risks involved in launching a crypto-currency.
Facebook has also sought advice on operational and regulatory issues from officials at the US Treasury.
The firm is also in talks with money transfer firms including Western Union as it looks for cheaper and faster ways for people without a bank account to send and receive money.
Facebook wants to create a digital currency that [...]
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What is Cryptocurrency?Cryptocurrency (or crypto currency) is a digital currency. It is an asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Who are the BBC News?The British Broadcasting Corporation (BBC) is a British public service broadcaster. Its headquarters are at Broadcasting House in Westminster, London and it is the world's oldest national broadcasting organisation and the largest broadcaster in the world by number of employees. It employs over 20,950 staff in total.
Who are Facebook?Facebook, Inc. is an American online social media and social networking service company based in Menlo Park, California. It was founded by Mark Zuckerberg, along with fellow Harvard College students. It is considered one of the Big Four technology companies along with Amazon, Apple, and Google. Facebook held its initial public offering (IPO) in February 2012, valuing the company at $104 billion, the largest valuation to date for a newly listed public company. Facebook claimed it had more than 2.3 billion monthly active users as of December 2018. However, it faces a big problem of fake accounts. It caught 3 billion fake accounts, but the ones it misses are the real problem. Facebook is one of the world's most valuable companies.
