Facebook to Unveil White Paper for its Cryptocurrency on June 18th?

Facebook seems to be motoring along in the cryptocurrency race! TechCrunch has revealed that the social media giant may be aiming for a June 18 release of its white paper, codenamed Project Libra. The cited report says that multiple investors, who were briefed by Facebook, were given that date.

In fact, Facebook’s Head of Financial Services and Payment Partnerships for Northern Europe Laura McCracken has already confirmed this with a German magazine called WirtschaftsWoche. McCracken has said the cryptocurrency, dubbed GlobalCoin, will indeed debut on June 18th, and will be pegged to a basket of currencies, instead of just the US dollar.

TechCrunch had also got an embargo request from Facebook’s blockchain team around the June 18th release date. There have been multiple reports which said that Facebook was planning to launch its cryptocurrency later this month.

Of course, Facebook has refused to publicly comment on its ‘Facebook Coin’. Some reports have also pointed out towards a 2020 launch. The company intends to use its stablecoin for Whatsapp money transfers, and India is one of its targetted locations.

Facebook has already registered a company called Libra Networks in Switzerland. The social media company has also been in touch with CFTC and regulators in the UK around its cryptocurrency project. Facebook also drew in a lot of responses around the governance model for its cryptocurrency which has reportedly asked companies to pay $10 million to operate as a node.