The social media giant company, Facebook, is trying to enter into crypto market by launching its own cryptocurrency. According to reports, Mark Zuckerberg is planning to launch “globalcoin” in the first quarter of next year. From last few months, Mark Zuckerberg has been talking about the company’s vision to enter into the crypto market. “Globalcoin” is going to be launch in 12 countries around the world focusing more on countries like India. Mark is expecting a good start with this cryptocurrency since he is planning to launch it in the early of next year. He has even talked with US treasury about the company’s vision to bring cryptocurrency into the payment system.
Government regulations are getting tighter on cryptocurrencies and avoiding that in future he has even met bank of England governor. Mark talked about the possible dangers and opportunities for involving cryptocurrency in the digital payment system. The social media company, Facebook Inc., is trying to diversify its business by entering into sectors like a cryptosystem. However, this is not the first time we have heard about Facebook getting into action about cryptocurrency because, in 2018, the company tried to use WhatsApp as a digital payment platform for its Indian users.
One of the biggest obstacles which Mark might face is regulations from governing department because majority of the countries still considered cryptocurrency as a threat. Banking companies which are on the verge of risk might not feel alright about replacing actual money with cryptocurrencies. On the other hand, some experts are criticizing this move of Facebook because they think the company should focus more on its current data privacy issues. Cambridge Analytics scandal diminished lots of goodwill of Facebook because it revealed the weak side of the company’s data privacy. Even if there are lots of obstacles, Mark seems to be a lot confident about “globalcoin.”