Facebook Dives into Cryptocurrency Market with Bitcoin Competitor GlobalCoin

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According to BBC News, Facebook plans to launch its cryptocurrency by the first quarter of 2020. The company is expected to reveal more details about the currency this summer, before testing begins later in 2019. The currency, which is being referred to as GlobalCoin, will reportedly be available in 10 countries on the initial launch, where it’s expected to offer people affordable and secure transfers and payments without requiring a bank account.

Last week, Mark Zuckerberg met with the Bank of England’s Governor in order to discuss the opportunities and risks of use in the UK. However, Facebook is having a harder time with proposals in India, which has taken a historically taken a hostile view towards digital currencies and e-wallets. India is apparently a focus market for the conglomerate, where Zuckerburg plans that the service will be largely used by foreign employees working abroad to send funds back home to their families in India.