The currency needs to overcome many technical and regulatory barriers before it is launched. Last month, Facebook CEO Mark Zuckerberg met with Bank of England Governor Mark Carney to discuss digital currency opportunities and risks in the Facebook plan, BBC News reported. However, Facebook may face obstacles in India, which is hostile to the encrypted currency. The Indian market is reported to be the focus of the Facebook encryption currency, and Facebook hopes to remit money from Indian overseas workers back home through WhatsApp.
The company has been negotiating with the US Treasury and Western Union money transfer companies to discuss operational and regulatory issues related to cryptocurrencies. The outside world first heard about Facebook's cryptocurrency ambitions in May last year. It is reported that David Marcus, who served as a member of the Coinbase board of directors and served as president of PayPal from 2012 to 2014, led the company's new blockchain division.
According to reports, Facebook's cryptocurrency may be designed as a "stable currency" whose value is pegged to the dollar to minimize volatility. However, even without the volatility associated with most cryptocurrencies, Facebook still needs to do a lot of work to make users trust the cryptocurrency of GlobalCoin.