BBC reported that Facebook, which owns WhatsApp and Instagram, is launching its own cryptocurrency called GlobalCoin (GLC) by the first quarter of 2020. GlobalCoin will be a stablecoin which will be pegged to a basket of international fiat currencies, including the US dollar, the Japanese yen, and the euro. Testing of GlobalCoin is set to be rolled out by the end of 2019. Mark Zuckerberg, founder of Facebook has already spoken to the Bank of England, Western Union, and the US Treasury Department. However, crypto enthusiasts are not that excited about GlobalCoin, as it will be heavily controlled by Facebook and will require more of your personal data.
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