Current Affairs

Facebook plans to Launch 'GlobalCoin'

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
Facebook plans to Launch 'GlobalCoin' Facebook plans to Launch 'GlobalCoin' Reviewed by Neha on June 02, 2019 Rating: 5

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