With GlobalCoin, Facebook embarks new journey in cryptocurrency. (Image via: Bitcoin Exchange Guide)

Facebook to Embrace Cryptocurrency in 2020

It is really the currency of tomorrow. Firstly grasped by American David Chaum in 1983, cryptocurrency has been hailed as the “future” money. It is the same like ordinary money, except it is online. Now, there are BitCoin, DogeCoin, PotCoin, and other Coins. Seeing that it passed the water test, Facebook now would also join into the crypto trend.

Naming the project as “Project Libra” in December 2018, Facebook plans to add cryptocurrency into one of its distinctive features by 2020. Known by its name “GlobalCoin”, it is available to use in the end of 2019. However, for the whole world to test the currency of tomorrow, it will be available in first quarter of 2020.

The step has taken as far as Zuckerberg, founder and CEO of Facebook, met with Mark Carney, the governor of the Bank of England, to discuss the implementation and drawbacks of GlobalCoin. Facebook just wants its user to have a safe means of payment, regardless of bank account availability from its users.

This was not the first time Facebook came up with online currency. Just decade ago, Facebook Credits was almost born. 
Nonetheless, it appealed no one. The project was so awful, Facebook ended its misery after 2 years of null progress. 

Other challenge lies on the American Senate. Judging the current American senate members that almost have no slightest idea about internet, let alone cryptocurrency, Zuckerberg would find it hard to explain it to the senate. Earlier this year, the senate was baffled by how Facebook keeps its users’ personal data safe. Facebook itself also discusses with US Treasury about the prevention of swindling the GlobalCoin into money laundering scheme.