CFTC and Facebook in talks about GlobalCoin

03.06.2019 / 09:25

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The Facebook social network is already negotiating with the US Commodity Futures Trading Commission (CFTC) for the future of its crypto project.

Negotiations are a clear sign that the largest social and media platform marks the start of its ambitious strides in the evolution of payment methods. However, CFTC chairman Christopher Giancarlo said talks are still at a very early stage.

He commented that the committee is interested in understanding these products better but that they are still far from making a decision.

Facebook is working on developing its own cryptocoin, which is currently known as GlobalCoin. The crypt is going to be called. stablecoin (a crypt of a certain value) and will initially be used on Facebook and WhatsApp. Of course, the larger plan of the media platform is GlobalCoin to find a wider application. Depending on how GlobalCoin is trading, it will also depend on whether it falls under the supervision of the CFTC. If traded in the form of futures, the CFTC will be the supervisor. If it is only cash-based, Global will not fall under regulatory oversight.

Source: Finance Magnates

Photo: Flickr

Trader Martin Nikolov

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CFTC and Facebook in talks about GlobalCoin

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