Facebook in talks with Bank of England and U.S. Treasury to create cashless system for users

facebook ceo mark zuckerberg
Alessio Jacona/Flickr

Facebook users will have the option to trade ‘GlobalCoin’ in 2020.

(INTELLIHUB) — Facebook intends to launch a new ‘GlobalCoin’ cryptocurrency in 2020 which will eventually serve as a gateway for users to integrate into a cashless society.

The plan is to allow Facebook’s 2.5 million loyal users to exchange various world currencies for GlobalCoin cryptocurrency.

Facebook CEO Mark Zuckerberg wants to allow users the functionality of transferring money to anyone in the world virtually effortlessly using Facebook’s encrypted WhatsApp service.

“Payments is one of the areas where we have an opportunity to make it a lot easier,” Zuckerberg said at a developer conference last month. “I believe it should be as easy to send money to someone as it is to send a photo.”

Representatives of the tech giant have already met with high profile individuals from the Bank of England and the U.S. Treasury in hopes of solidifying a deal.

It’s also important to mention that social media platforms such as Facebook are not bound by any banking or cryptocurrency regulations which means they are essentially unregulated.

Shepard Ambellas is an opinion journalist, analyst, political pundit, and the founder and editor-in-chief of Intellihub News & Politics (Intellihub.com). Shepard is also known for producing Shade: The Motion Picture (2013) and appearing on Travel Channel’s America Declassified (2013). Shepard is a regular contributor to Alex Jones’ Infowars platform. Read more from Shep’s World. Follow Shep on Facebook and Twitter. Subscribe to Shep’s YouTube channel.