Facebook plans to Launch 'GlobalCoin'

Published on June 02, 2019
Facebook plans to launch its cryptocurrency 'GlobalCoin' by the first quarter of 2020.
Facebook plans to Launch 'GlobalCoin'
  • The company is expected to reveal more details about the currency before testing begins later in 2019.

Details:

  • The currency, which is being referred to internally as 'GlobalCoin', will reportedly be available in around a dozen countries at launch, where it's expected to offer people affordable and secure payments without the need for a bank account.
  • The currency will need to overcome numerous technical and regulatory hurdles before it can be launched.
  • Facebook CEO Mark Zuckerberg met with the Bank of England's governor Mark Carney to discuss the opportunities and risks of the planned digital currency.

India - A Key focus for Facebook:

  • However, Facebook might have a harder job on its hands in India, which has taken a hostile attitude towards virtual currencies.
  • India is reported to be a key focus for the new currency, where Facebook hopes it will allow Indian workers abroad to send money back home to their families using WhatsApp.

What is a Cryptocurrency?

  • A cryptocurrency is a digital or virtual currency that uses cryptography for security.
  • A cryptocurrency is difficult to counterfeit because of this security feature.
  • It is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
  • The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable.
  • Today, there are thousands of alternate cryptocurrencies with various functions or specifications.

Question:

Q. What is the name of the cryptocurrency that Facebook plans to launch by the first quarter of 2020?
a. GlobalCoin
b. FaceCoin
c. WorldCoin
d. MoneyCoin

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