May 26, 2020 | 5:49 PM IST
fb stablecoin

FB could launch its stablecoin by 2020

Social media giant Facebook is attempting to launch its own digital currency by next year. For this it has been in touch with the United States of America and the British financial regulators.

FB’s GlobalCoin would work with a new payment system in more than 10 nations commencing in the first three months of 2020, said a report.  With two billion plus users on its three platforms –WhatsApp, Instagram, Facebook – it could have a huge clout to take the cryptocurrency mainstream.

According to BBC, FB has already struck a deal with the Bank of England governor Mark Carney and to officials at the US Treasury regarding the same.  It has named its currency ‘stablecoin’.
FB’s chief Mark Zuckerberg strongly feels that adding e-commerce is the next logical evolution of the company’s advertising-based business model. However, such a step could lead to regulatory scrutiny especially at a time when the site is already under the scanner for privacy breaches and spreading fake news.

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