Facebook will launch its own cryptocurrency in 2020, report says

Attendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose California U.S

Attendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose California U.S

Facebook has been in contact with United States and British financial regulators with a view to launching its own cryptocurrency next year, the BBC reported on Friday.

Secret meetings with important people: According to the BBC, Facebook CEO Mark Zuckerberg met with Bank of England governor Mark Carney last month to "discuss the opportunities and risks involved with launching a cryptocurrency".

With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to take a cryptocurrency mainstream and emulate the likes of WeChat in China, where the U.S. site is banned. The next step, it said, is to confirm liquidity providers and exchange to store and trade the asset, with the firm reportedly in talks with Gemini and Coinbase.

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Project Libra: This is the first time we've heard the internal name "GlobalCoin", after hearing several times about the secretive, supposedly blockchain-based payment network Facebook is building. Facebook executives have been in contact with Gemini, the regulated New York-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss, the Financial Times reported. The Winklevoss twins famously sued Zuckerberg for allegedly stealing the idea for Facebook while the trio were classmates at Harvard University, ultimately receiving a $65 million settlement. Facebook registered a new entity called "Libra Networks" on May 2nd, this will apparently "provide financial and technology services and develop related hardware and software".

Last month, it was reported that Facebook could be seeking to raise as much as $1 billion to fund the crypto stablecoin project.

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