You are here: Home - Investing - Experienced Investor - News -

Facebook plans cryptocurrency launch in 2020

0
Written by: Danielle Levy
24/05/2019
Tech giant Facebook has ambitious plans to set up a digital payments system across different countries by 2020.

Facebook is planning to launch a cryptocurrency, described internally as ‘Globalcoin’, in 12 countries. The company is aiming to test the new digital currency by the end of this year and roll it out to users early next year, according to reports.

It is understood that the social media company, which owns Instagram and Whatsapp, has laid out its plans to Bank of England governor Mark Carney and sought advice from officials at the US Treasury.

The BBC reported that Facebook is already in talks with money transfer firms, including Western Union, to develop secure ways for people to send and receive money internationally.

How do cryptocurrencies work?

Cryptocurrencies provide consumers with digital tokens which are held in online wallets, which can be sent to other users and can be used to pay for certain items.

These virtual currencies run on blockchain technology, which comparises of a list of ‘blocks’ or records which is stored digitally.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • Cost of taking a mortgage holiday revealed: The average cost of a 3 month #mortgagepaymentholiday is £665.08, and… https://t.co/gWHI7Lo8zl
  • RT @BlackstockPR: "The government needs to grasp that mounting rent arrears are a serious economic issue that will impact many buy-to-let l…
  • "The government needs to grasp that mounting rent arrears are a serious economic issue that will impact many buy-to… https://t.co/KXusvi1RvR

Read previous post:
house piggy bank
House prices rise over the year as London records lowest annual growth

UK house prices rose over the year to March, with London recording the lowest annual growth, according to the Office...

Close