Not 2020; Facebook Will Announce Its Cryptocurrency in June

It appears we will not have to wait much longer for Facebook to unveil its long-awaited cryptocurrency.

Fresh reports from The Information suggests that the social media giant will before the end of this month announce the cryptocurrency earlier identified as GlobalCoin.

There are also sound reasons to believe that Mark Zuckerberg and co have bigger plans for the cryptocurrency after its initial bid to launch an in-app currency failed nearly a decade ago.

According to the current report, Facebook plans to use the soon-to-be-launched cryptocurrency as a unit of payment for workers salary as soon as it goes live.

Even more ambitious is the fact the company will reportedly roll out ATM-like machines around the globe to allows it’s over 2 billion Facebook users to convert between fiat and the cryptocurrency easily.

Although not mentioned in the report, it is very likely that earlier rumors regarding Facebook partnering with MasterCard and Visa will aid the cause to bring the cryptocurrency to the mainstream as soon as possible.

Upon converting fiat to Facebook’s coin, users will purportedly be able to send funds to other users irrespective of the country of residence, ultimately marking Facebook’s entrance into the digital payment arena.

Meanwhile, it is essential to note that the current development regarding the impending launch of Facebook’s cryptocurrency seems a little sudden.

It was only earlier this week that U.S CFTC Chair, Christopher Giancarlo revealed he met with the company to discuss details about the regulatory facets of the projects.

Also, it is less than a month since the U.S Senate Banking Committee asked Mark Zuckerberg to provide more details about the then ‘secret’ project.

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