An informed source says Facebook is having talks with a US financial regulator,the Commodity Futures Trading Commission,about whether the company's prospective digital currency would fall under the CFTC's supervision.What is more,Facebook has reportedly been floating its idea before the the US Department of the Treasury,several ecommerce firms and the Bank of England.Indeed,last month Facebook is believed to have started a subsidiary in Switzerland that deals with blockchain technology,global payments,investing and data analytics.*
The Wall Street Journal believes that Facebook's digital currency project may entail operating a global payments network.The currency,thought to be called GlobalCoin,could be activated in 2020 in up to 12 countries.More details are expected over the summer months.*
The code name for Facebook's plan is rumoured to be "Project Libra."You may be able in future to pay with GlobalCoin on leading ecommerce sites.GlobalCoin could be used as a reward for people who view Facebook ads or otherwise interact with Facebook content,such as by shopping on Facebook advertisers' websites.It may also be possible to transfer money with GlobalCoin on Facebook's WhatsApp platform.
The big plus for using GlobalCoin would be the absence of fees for doing so.Very significant is the fact that GlobalCoin would be tied to a leading currency for stability.*
The CFTC is at this point in an early stage of talks with Facebook,but is keenly interested in hearing what the giant firm has to say.*
Facebook Inc (FB)
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