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Facebook to venture into crypto-currency

24 May 2019

Facebook is finalising plans to launch ‘GoldCoin’, its own crypto-currency, in 2020.

The plan is to set up a digital payments system in around 10 to 12 countries by the first quarter of next year. Testing its crypto-currency will begin in late 2019 and it is being reported that Facebook has already spoken to Bank of England governor Mark Carney.

The social media giant has already chatted to officials at the US Treasury, and founder Mark Zuckerberg met Carney in April to discuss the risks and opportunities of launching a crypto-currency.

This is not the first time that Facebook has ventured into digital currencies. Some 10 years ago it created Facebook Credits, a virtual currency that enabled people to purchase items in apps on its site. The project was mothballed after two years, after it failed to gain any traction.

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