Facebook is one of the biggest social media company. According to a static, Facebook had more than 2.32 billion monthly current users in the fourth quarter of 2018. Facebook also pair two big social media companies WhatsApp & Instagram.  

Now, Facebook is working to launch its own Crypto Currency next year. This narrative is reported by the BBC on Friday.

But before we should know what cryptocurrency is?

Crypto Currency is a virtual or digital currency that uses strong Cryptography for security. Virtual currency is shifted between peers using Crypto Currency Wallet.

There is no mediator like a bank. It means that it is maintained by users and computers, not by the Government.

The decentralized control of every Crypto Currency works through a Blockchain. It works for a public financial transaction database. Bitcoin is the first Blockchain based CryptoCurrency.

Now let’s follow the topic.

The name of Facebook Crypto Currency is  ‘’Global Coin”. This Crypto Currency would be worked with a new digital payment system. This will first release in about a dozen countries in the Q1, 2020.

The company has been communicated with US and British Financial regulators to launch their CryptoCurrency.  

BBC said that Facebook also contacts with Bank of England Governor Mark Carney & officials at the US Treachery.

With over  2 billion users, Facebook may bid WeChat in China. It will let its user chat, shop & play games without abandoning its platform.

Facebook should handle numerous technical & regulatory of its Crypto Currency before its ship.

A media report said that Global Coin may be designed to be a stable coin with a value pegged to US currency in order to reduce volatility.

According to the last week report, Facebook builds a company called Libra Network in Switzerland. It is developing payments & blockchain systems for the social media giant Facebook.

CNET also reported that Facebook Crypto Currency should be bound to the US dollar. And therefore, it could be remained stable, unlike Bitcoin that was smashed. 

“Facebook built Libra network in Geneva some weeks ago. Libra is the social network’s interior outline name for the virtual currency” said by the report.

CNET also reported that Facebook Crypto Currency should be tied to the US dollar. And therefore, it could be remained stable, unlike Bitcoin that was crashed.

The Libra Network should concentrate on producing the hardware and software for the cryptocurrency similar function like Blockchain, Payments, Analytics, Payments, Big Data, and Identity Management. But Facebook refused to comment on the new report.

Beginning this month, The Wall Street Journal reports that Facebook is hiring dozens of online retailers and financial firms for its Crypto Currency based operations. It may accept as a digital coin as like Bitcoin.

According to the New York Times, Facebook had a member of fifty people who work on its virtual currency project.

Mark Zuckerberg said about Blockchain in a public interview with Harvard Law Professor Jonathan Zittrain in February. Facebook CEO said that he is conceivably interested in putting Facebook Login on the Blockchain technology.

According to Facebook CEO, Blockchain would give users more powers when allowing data access to third-party apps.

Author Bio: 

Arup Samanta is a Tech Blogger & founder of Techy Feast. He is a curious person by nature. He constantly doing research on nearly every topic under technology.