The BBC has reported that Facebook is finalizing its plans to launch its cryptocurrency next year, and that it is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020. It is also likely that it will commence trialing its crypto before the end of 2019.
Coindesk revealed that Facebook has also apparently sought for advice from officials of the U.S. Treasury and the Bank of England governor Mark Carney regarding opportunities and regulatory issues for the initiative, which is internally referred to as “Project Libra.” The firm is also in talks with money transfer firms including Western Union as it looks for cheaper and faster ways for people without a bank account to send and receive money. And it has also been reported that it is talking to Visa, and MasterCard as well, with a view to the three payment giants backing and funding its fiat-backed cryptocurrency. As Coindesk remarks, “Last month, it was reported that Facebook could be seeking to raise as much as $1 billion to fund the crypto stablecoin project.
However, we won’t know much more about what Facebook is up to for a few more months yet, the BBC commented.