Facebook plans to test “GlobalCoins” cryptocurrency by end of 2019

Facebook plans to begin testing its “GlobalCoins” cryptocurrency by the end of this year, in anticipation of launching digital payments systems in nearly a dozen countries by 2020, BBC reports.

Catch up quick: Facebook’s plans to develop a new cryptocurrency have reportedly involved allowing users to transfer money in WhatsApp, according to reporting on the company’s strategy last year.

The impact, via Axios’ Sara Fischer and Scott Rosenberg: If Facebook successfully deployed that system to the combined messaging platform it plans to build from WhatsApp, Instagram and Messenger, it could establish a dominant cryptocurrency overnight — building an onramp to the new technology for millions the way AOL populated the internet in the ’90s.

Flashback: Facebook tried to create a similar digital currency in 2009 — first used as a payment method for games — that petered out by 2011 due to a lack of public interest.

  • The company also banned cryptocurrency advertisements for part of 2018, before allowing select ads on the site in June last year.

Go deeper: Facebook’s pivot is bigger than privacy

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