According to recent news, the rumors of the digital hidden currency to be released Facebook they grow. Even some names have begun to be heard about it, such as Libra and GlobalCoin.
As has been said before, the new technology-based coinage blockchain, will not be released before 2020. However, according to The Information, the social networking platform is likely to unveil its new currency in the year and more specifically on June 18.
The team of Facebook engineers dealing with the new currency, led by former PayPal president David Marcus, can already choose whether to receive payment in the form of blockchain tokens.
The report says Chief Executive Mark Zuckerberg has made Libra one of the company's top priorities. Once put into operation, it will try to compete with traditional payment methods, such as cash transactions and credit cards. It will be available on different platforms, including WhatsApp and Messenger, and will allow people to exchange money with blockchain tokens.
Facebook also targets developing countries, such as India, to help people working in other countries easily send money to their families. In addition, the company will also create ATM-like terminals and offer bonuses to merchants who choose to trade with the new currency.
A big advantage in the case of Facebook is the gigantic base of 2.3 billion of its users, to whom the company can promote its idea of the new digital currency.
The first reports on Facebook's digital currency were released last year when Mark Zuckerberg began to show interest in the field of cryptocurrency. They also released rumors about a separate currency for its subsidiary, WhatsApp.
Despite all of its efforts, however, Facebook is hard to gain users' confidence, following all the events that have happened from time to time, and according to The Information the company approached other entities in order to create a leading institution in the field of cryptocurrency.