The social media giant Facebook has confirmed that it will announce its cryptocurrency program to the public later this month and will allow its employees to earn wages in digital currency.
According to the announcement, the new cryptographic currency will apply to transactions on multiple Facebook platforms.
Facebook also plans to increase the decentralization of its cryptocurrency, inviting third-party companies to handle cryptocurrency transactions on its network. Facebook, of course, will charge a fee from these nodes, which could be as much as $10 million.
While Facebook has not released any information about its encryption program, many media outlets have confirmed that the company is developing a stable coin called GlobalCoin.
According to previous media reports, Facebook has held talks with the commodity futures trading commission (CFTC) to discuss the regulatory needs of digital currency. But the parties have not yet decided which body will oversee GlobalCoin.
Facebook is said to be launching its encryption product next year and setting up a dedicated website to allow the public to buy its encrypted currency. To enhance the adaptability of the cryptocurrencies, Facebook also held talks with global payers, encryption industry participants and global regulators.
Last month, Facebook launched Libra Networks, a fintech start-up in Switzerland, to support its cryptocurrency project.