Facebook’s Crypto Project Will Be A Milestone According to RBC

Facebook's Global Coin may be one of its most important initiatives

Facebook's Global Coin may be one of its most important initiatives

A part of the Royal Bank of Canada (RBC), RBC Capital predicted that the social media giant's cryptocurrency project will "unlock new engagement and revenue streams". The hire is believed to be geared towards GlobalCoin by ensuring that preparations have been made for political and regulatory scrutiny from the European Union regarding the virtual asset's launch.

The FT does not indicate how it came by the information, and it said Facebook, the bank and Bowles would not comment on the news.

Bowles, a banking lobbyist who joined Standard Chartered in 2007, is set to help Facebook push ahead with its global cryptocurrency strategy, as it is likely to face scrutiny in Europe. This includes two former compliance managers that migrated from Coinbase in May.

Facebook has reportedly enlisted over a dozen fintech companies to back its foray into the crypto space; including PayPal, Mastercard, Uber and Visa, the Wall Street Journal reported on Friday.

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At the time , Mnuchin said the request lacked a "legitimate legislative objective ". Besides Trump, every president since Richard Nixon has made his tax returns public.

The report from Financial Times says that hiring Bowles is an effort to establish protection and preparedness for the regulatory and political landscape of cryptocurrency with GlobalCoin.

Other names that have been named as investors are Stripe, a technology company, MercadoLibre, an online marketplace company, and Booking.com, a travel reservations site. Crypto payments ventures could also be wiped out, he added. There has been a lot of speculation about it for the past six months since there's very little people know about what it can do and how it will be governed. Wyoming Blockchain Taskforce's Caitlin Long stated that this launch would cause more people to turn to Bitcoin for one reason.

Facebook boss Mark Zuckerberg has met Bank of England governor Mark Carney to discuss the plans to launch an online payments network allowing 2.4bn customers to send money and make instant payments across Facebook, Instagram, Whatsapp and shops on the internet.

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