Facebook's bitcoin-esque cryptocurrency is expected to be aimed at developing countries where traditional currencies are less stable
Share to twitterlater this month, according to reports.
Ahead of the announcement, it's been reported Facebook will cede control of the bitcoin rival to"an independent foundation" in an effort to both deflect accusations of centralization and soothe financial regulators.
Facebook's bitcoin rival will likely be a so-called stablecoin, pegged to the U.S. dollar, and is expected to be integrated as a payment tool on Facebook's popular messaging apps WhatsApp and Messenger, and photo-sharing app Instagram. People will also be able to buy the digital token through physical ATM-like machines, while Facebook employees working on the project will be able to take their salary in the new currency, according to The Information.
Facebook is reportedly going to charge firms $10 million each to run a node for the GlobalCoin network and plans to allow all node operators to have a representation in the independent foundation.
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