Facebook will test a cryptographic currency competing with the bank later this year

Recently, Facebook has released information about a cryptographic currency of its own called "GlobalCoin" to help users who may not need a traditional bank account can still be used. Facebook will be released in the first quarter of 2020 in about 10 countries and start internal testing later this year.

In the past few months, Zuckerberg has had meetings with Bank of England Governor Mark Carne and representatives from Gemini - the company founded by the famous Winklevoss twins in the pre-coding market. to discuss Facebook's pre-coding plan.

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Facebook's ambition for GlobalCoin

Facebook wants to partner with banks and brokers to allow users to switch to GlobalCoin instead of official banknotes. Money transfer services like Western Union are also the object that Zuckerberg's company wants to collaborate to find the cheapest methods of overseas remittance.

To encourage users to use their electronic money, Facebook also convinced online businesses to accept GlobalCoin as one of the payment methods, with lower transaction fees than usual.

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Big questions revolve around Facebook's cryptocurrency

Decentralization and anonymity are two key features of pre-coding, so the first thing many people wonder is how much of Facebook's decentralized e-money system will be.

Second, to protect users' assets and data information, how will Facebook use encryption?

Third, who is entitled to view the user's transaction history?

Fourth, who is this system controlled?

10 years ago, Facebook also jumped into the field of digital money when creating a virtual currency that allows users to use to buy items on the network of this social network called Facebook Credits. However, after only 2 years of launch, this project of facebook was lost because it could not increase liquidity.