Facebook set to launch digital currency in 2020

Project Libra unveiled

clock • 1 min read

Facebook has revealed it is looking into launching its own digital currency as early as the first quarter of 2020.

According to Financial Times sources, who are familiar with the social media network's secretive 'Libra' project, Facebook is in the final stages of launching a 'stablecoin', a digital currency pegged to the US dollar. BBC Business meanwhile reported the currency was being labelled 'GlobalCoin' internally. If the plans are implemented, Facebook's two billion users could allow payments or transfers within the family of apps, including Messenger. The cryptocurrency being explored in Project Libra would need to be a collaborative network with payment specialists; founder of Facebook Mark...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

PFS Conference 2024: AI should augment not replace human element in advice

PFS Conference 2024: AI should augment not replace human element in advice

Firms that adopt technology to save time will improve client experience

Jenna Brown
clock 14 November 2024 • 2 min read
Advisers call for enhanced compliance processes to use AI

Advisers call for enhanced compliance processes to use AI

AI ‘firmly embedded’ into advice journey but ‘more work needs to be done’

Isabel Baxter
clock 12 November 2024 • 2 min read
PFS Conference 2024: 'Augmented advice' will give clients best of both worlds

PFS Conference 2024: 'Augmented advice' will give clients best of both worlds

Advisers can scale-up by embracing technology

Jenna Brown
clock 12 November 2024 • 2 min read