Facebok rapports CFTC on GlobaCoin cryptocurrency

Libra

Facebok Inc’s plan to launch its own digital currency called GlobaCoin is moving forward in top gear if the company’s latest move is anything to go by.

According to the Financial Times’ report, Facebook has just approached the US Commodities Futures Trading Commission, CFTC, to inquire if the commission will have oversight on its activities.

In the later part of May, Facebook’s plan to launch its own digital token called GlobaCoin was revealed. Based on what we know the token will be a ‘stablecoin’ meaning its value would be pegged to the US dollar.

There are indications that Facebook’s digital currency will be used for mainly payments and its application to its services such Facebook, WhatsApp and Instagram could be a watershed moment in the cryptocurrency market.