Why is Facebook developing “GlobalCoin”?

Facebook officially released its launch date for Project Libra, its Stablecoin project, to be in the first quarter of 2020. It will be used as a digital payment system in about dozen countries, with plans to expand after its release.

For those unfamiliar with what Facebook has been doing with its blockchain technology, Facebook is working towards creating a digital currency that makes payments affordable and secure for all, including those without bank accounts. This will be their second attempt at creating a virtual currency after Facebook credit failed to gain user traction.

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