Facebook to introduce crypto currency in multiple countries in 2020

Facebook is planning to introduce its own crypto currency, internally referred to as GlobalCoin, in multiple countries in the first quarter of 2020, the BBC reports Friday.

The crypto currency should serve as the underlying technology for Facebook’s own payment system with which users could transfer money. The system gives Facebook presumably valuable insights into how users spend their money.

In recent months, several rumors have been circulating that Facebook is planning to release its own crypto coin. Users could exchange their money for the currency and then make transactions.

According to the BBC, Facebook is likely to link its currency to fiat money (fiduciary money), such as the euro, dollar or yen, to prevent a fluctuating exchange rate with large increases or decreases in value.

According to BBC, Facebook did not want to respond to the findings of the British broadcaster.