WHAT DO YOU DO when you have more money than you know what to do with? In Facebook's case, the answer seems to involve making your own cryptocurrency, according to the BBC.
Internally it's being referred to as GlobalCoin, rather than the infinitely preferable 'Facebook Fun Buckz', and testing will begin this year before it's launched in around a dozen countries in 2020. The company has already been sounding out the likes of Western Union for a cheap and fast way for people without a bank account to send and receive money.
Apparently wannabe bank manager and actual CEO Mark Zuckerberg has already met with various officials about the logistics of launching a cryptocurrency, including Bank of England governor Mark Carney. Presumably via phone, so as to avoid the risk of being pulled before parliament - or maybe he just took one look at the governmental chaos and fancied his chances of going by unannounced.
Anyway, the firm is said to be keen on avoiding the wild mood swings that cryptocurrencies have typically had by pegging its new coin to established currencies including the dollar, euro and yen. Though obviously for some, the crazy fluctuations are part of the fun.
While rumours of Facebook embracing cryptocurrency have been doing the rounds for some time, there have been plenty of mixed signals along the way. Last January the social network banned all cryptocurrency adverts from its platform to protect vulnerable users from being scammed. Six months later, it decided it missed the income and reinstated them, while still blocking ads for initial coin offerings.
If you haven't been burned by Bitcoin, then GlobalCoin should materialise in 2020, apparently. And who knows? Maybe it'll still be a think on January 1 2021. µ
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