Reports: Facebook to Roll out its own Cryptocurrency

Facebook intends to roll out its own cryptocurrency by 2020, BBC reports suggest. The social media giant has been in contact with British and US regulators to carry out the launch.

BBC reports also suggest that, by the first quarter of 2020, the social media giant aims to set up a digital payments system in about 12 nations. The company would draft a detailed plan about the launch this summer and has already in touch with Mark Carney, governor of Bank of England.

Mark Zuckerberg, the founder of Facebook had a meeting with Mr. Carney in order to talk about the positives and risks involved in a cryptocurrency launch. The company is also looking for advice from US treasury officials on operational and regulatory issues.

Facebook is also in talks with Western Union, a money transfer firm for establishing a cheaper and faster method for people to carryout transactions without the need of a bank account.

Coming to the company’s cryptocurrency mechanism, earlier in December 2018, reports suggest that Facebook planned for a digital currency network under a project called Libra.

For successful operation of the project, the company would partner with banks and brokers; paving the way for people to convert dollars and other international currencies into its digital coins.

In the coming week, a small group of co-founders could roll out the Swiss-based association. The company is also in touch with online merchants in order to accept the currency as payment in return for lower transaction fees.