Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Facebook to Launch Cryptocurrency Globalcoin: 10 Interesting Things You Should Know About it

Facebook's cryptocurrency would enable its users to change dollars and other international currencies directly into its digital coins.

Trending Desk

Updated:May 27, 2019, 12:29 PM IST
facebookTwitterskypewhatsapp
Facebook to Launch Cryptocurrency Globalcoin: 10 Interesting Things You Should Know About it
Image for Representation.
Loading...

A media report last week said that Facebook is planning to launch its own cryptocurrency, likely to be named GlobalCoin, as early as next year. The currency would initially be launched in just around a dozen countries and Facebook may start testing it by the end of this year. Here are 10 interesting things you should know about Facebook’s new digital payment system:

1) Facebook’s GlobalCoin is different from most other digital payments systems as consumers would likely be able to use the currency even if they don’t have a bank account, according to reports.

2) The currency would enable Facebook users to change dollars and other international currencies directly into its digital coins.

3) The GlobalCoin could then be used to buy things on the Internet and in other outlets, or even to transfer money to another user.

4) The possibility of money being sent through Whatsapp may become a reality soon with Facebook’s GlobalCoin. A news report last year had said that Facebook is working on a digital currency project that will allow users to transfer the cryptocurrency using mobile-messaging app WhatsApp. Even during Facebook’s developer conference last month, Mark Zuckerberg had said: “I believe it should be as easy to send money to someone as it is to send a photo.”

5) Facebook also has plans at paying users fractions of a coin for activities such as viewing ads and interacting with content related to online shopping, similar to loyalty schemes run by retailers.

6) Facebook is also reportedly in talks with a number of online merchants to accept the currency as payment in return for lower transaction fees.

7) Reports say Facebook is looking to peg GlobalCoin’s value to a basket of established currencies, including the US dollar, the euro and the Japanese yen, to stabilize the value of the digital currency.

8) Facebook is looking for $1 billion in funding to support the project, and has held talks with payments giants including Visa and Mastercard, according to reports.

9) Facebook has reportedly discussed with the US Treasury the process of identity checks and how to reduce money laundering risks.

10) A Barclays Internet analyst had said in March that the cryptocurrency could contribute as much as a whopping $19 billion in additional revenue to Facebook by 2021.

| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results