Sunday, December 8, 2019

Facebook Engages the CFTC in Talks Concerning Its Cryptocurrency, ‘Globalcoin’

Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]

News filtering in has it that Facebook and the US Commodities and Futures Trading Commission (CFTC) are already holding talks on the subject of Globalcoin, the social media giant’s cryptocurrency.

The Chairman of the CFTC, Christopher Giancarlo, added credibility to the report when he admitted that there was indeed the existence of such talks, though it’s still at a beginning stage. He went further to say that the reason for the meeting was to establish whether Globalcoin will be able to satisfy all the regulatory requirements of the CFTC. In his words:

“We’re very interested in understanding it better. We can only act on an application, we don’t have anything in front of us.”

No Enemies in Business; Zuckerberg Mends Bridges

Zuckerberg, in a bid to ensure that his company’s stablecoin emerges without a hitch, has reached out to some old contacts of his which some people would find surprising, because of the history shared by both sides. Facebook’s CEO reached out to his old friends turned enemies, Tyler and Cameron Winklevoss for consultations.

Zuckerberg has also sought the counsel of the officials at the U.S Treasury, along with the Governor of the Bank of England, Mark Carney, in order to achieve his goal. Western Union was not left out in the ongoing talks, as the company will be instrumental in helping people who have no bank accounts to send money faster.

Could Globalcoin Be A Major Success?

The success of Facebook’s Globalcoin has been the center of a lot of argument. Some are in support of the advancement while others are cautioning against it. Those in support back their opinion with the present efforts being made by Facebook to be in the good books of the CFTC.

Facebook has made it a priority to engage regulatory authorities in a round table discussion which experts see as a clear sign that the company will be compliant with the rules of regulatory institutions. Also, the move made by Zuckerberg in reaching out to the Winklevoss Twins further adds credibility to what its intended stablecoin will stand for, a highly regulated digital asset.

Facebook Interest in Cryptocurrency

Nevertheless, not everyone will be in support of every venture. Some will be against it for certain reason best known to them. In the case of Globalcoin, many have shown concerns that Facebook might be walking into a trap with its venture into cryptocurrency.

Recent reports from different sources state that Facebook has no business going into cryptocurrency because its framework was built upon a disruptive, mathematically secure, peer-to-peer technology and anything outside of that, like going into the world finance, could lead to its downfall.

Whether Facebook’s Globalcoin will ultimately succeed is not for anyone to say but all shall be revealed in due time. No matter what happens, win or lose, the world of cryptocurrency remains unshaken.

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