Facebook has been planning to deploy its own version of cryptocurrency for quite some time. It appears the social media giant is in the final stages of developing the same. Apparently, the digital currency could have several ancillary functions, but the primary one could be aiding secure monetary transactions on social media platforms.
The idea of cryptocurrency is certainly not new. In fact, several top tech companies were, and still are, exploring different ways to tailor the completely digital variant of money. The interest peaked in 2017 when several ordinary citizens as well as those associated with the tech world, started seeing cryptocurrencies as potential investment opportunities. Following the lead, tech companies started experimenting with the idea of using cryptocurrencies to improve the current financial system.
However, several governments haven’t taken kindly to the virtually unregulated form of digital currency. Still, companies are working on using Blockchain and cryptocurrencies as a way to improve current technology. Needless to add, these peer-dependent technologies make it exceptionally difficult to steal the digital currency, and counterfeiting is simply not possible. Facebook has been actively pursuing the idea. In fact, the social media company that owns WhatsApp, Instagram, and several other digital platforms, has routinely hinted about the development of a cryptocurrency.
It is now clear that Facebook is in the final stage of the development of a cryptocurrency of its own. The company has chosen to name its cryptocurrency GlobalCoin. Since Facebook hasn’t officially confirmed the existence of GlobalCoin, its primary purpose isn’t yet known.
However, given the news about the development, Facebook is quite likely to offer GlobalCoin as an easier and more affordable way to send and receive money. The primary purpose of GlobalCoin becomes quite evident because Facebook is in active discussion with global money transfer specialist, Western Union. Facebook’s GlobalCoin, in association with Western Union, could be a good option for people to send and receive money across the globe. Moreover, Western Union does not require the user to have a bank account.
Apparently, Facebook is also discussing the deployment of GlobalCoin with U.S. government and the Treasury. Essentially, it seems Facebook is keen to secure all relevant and necessary permissions and regulatory approvals. Being governed by the relevant monetary laws would offer GlobalCoin users and Facebook, protection against money laundering. Given the completely legal route Facebook has chosen to deploy GlobaCoin, it is quite likely the company could try and equate the cryptocurrency with the U.S. Dollar. This will help GlobalCoin to remain largely immune to the huge fluctuation related risks the other cryptocurrencies like BitCoin face.