tech2 News StaffJun 06, 2019 08:49:56 IST
Facebook has been working on a cryptocurrency for some time now with reports coming in that the company will be giving out salary to its employees in the form of this new currency. The social media giant could reportedly be unveiling this currency this month.
Representative Image.
As per a new report by The Information, users of this new crypto will be able to store, trade, and exchange it for regular currency via apps owned by Facebook such as Messenger and WhatsApp. There is also the possibility of having an ATM-like machine for dispensing of this cryptocurrency.
At F8 2019, company CEO Mark Zuckerberg said that payments were an important area for Facebook to diversify its avenues beyond advertising which has been a constant subject of controversy over the years. As per the report, Facebook happens to be soliciting third-party organizations to act as ‘nodes’ to manage this new cryptocurrency. Facebook will charge these nodes about $10 million for the privilege.
Coming from a report by BBC, the social media giant is calling its currency ‘GlobalCoin’ and its testing should probably begin by the end of the year. Facebook plans to launch a digital payments system using cryptocurrency in a dozen countries by the first quarter of 2020.
India is rumoured to be a target for Facebook in this project. However, the Indian government is seeking to ban the operation of cryptocurrencies through a bill that’s under consultation.
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