Cryptocurrecy is the new trend in the financial sector. Facebook is very serious about this, and plans to launch Cryptocurrecy 'GlobalCoin', this could happen as soon as early 2020. Facebook has huge traffic, to be precise about 2.4 billion monthly. It could allow people to make use of coins for buying things on internet. Also, transfer money without needing a bank account. Mark Zuckerberg, Founder of facebook is in touch with Bank of England for the same. This is something, which is in process of lots of other major companies too.
Zuckerberg is also looking at Libra, a way to transfer money and is in discussion with US Treasury. This also could be done, with the help of whatsapp. Also facebook is planning to deal in various currency including dollars and euro. They are also planning to offer loyalty to users for using coins. This is to make usage of cryptocurrecy very attractive and make more people use it. If this goes well, then it will catch up with millions of users worldwide.
But it is not so simple, and there are many reguarlatory and privacy hurdles. Still lots of countries do not have formal laws for crypto currencies and they are not considered legal. There are also many consumer protection and data protection issues. Facebook’s block chain development is on, but it is not easy to implement. Also, there is lot of competition form other firms. So it is never going to be easy for getting started with this.