Report: Facebook wants to bite into bitcoin

Facebook is reportedly planning to launch its own cryptocurrency.

According to BBC News, the social media giant will set up a proprietary, bitcoin-based cryptocurrency that has been code named “GlobalCoin” in roughly 12 countries by end of Q1 2020, with testing beginning by the end of this year.

Facebook has reportedly been consulting with U.S. and British financial regulatory officials, as well as money transfer providers including Western Union, about its plans for GlobalCoin. The company is expected to make a public announcement this summer, and may also look to have other retailers accept its cryptocurrency for payments outside the Facebook platform.

By offering users its own digital currency, Facebook would enable consumers who lack a traditional bank account a means of making online purchases. Amazon is allowing consumers without bank or credit accounts to make cash purchases through services such as Amazon Cash, but Facebook would be the first major e-commerce platform to offer a proprietary digital payment system.

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