Facebook is negotiating with US authorities to provide digital currency

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Facebook, a social media giant, has begun negotiations with the US Commodity Exchange Commission (CFTC) to launch a dedicated, stable digital currency. According to Kevin Desck, on Sunday, the Financial Times reported that Chief Financial Officer Christopher Giancarlo had initiated initial talks with Facebook.

The purpose of these discussions was to determine if this digital currency complies with the CFTC rules. Giancarlo also acknowledged:

We are very keen to know more about this project. We can only ask for negotiation and we will not do anything else.

Recent reports also indicate that Facebook has been negotiating with US and British government officials on the opportunities and issues of its stable digital currency legislation, GlobalCoin.

Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission of the United States

It is said that the goal of the Facebook Libera project is to set up this digital currency, allowing for the possibility of outsourcing and online shopping for users. Giancarlo added:

Now it’s too early to say that Facebook’s GlobalCoin’s digital currency corresponds to the CFTC rules, but it can be said that if supported by the US dollar, then there will not be much to do with related derivatives.

He said about the design of this digital currency:

Its design is very clever.

However, the report states that one of the key issues regarding the adoption of the currency by lawmakers is to make it clear that Facebook’s commitment to anti-money laundering and consumer policy (KYC) will be in the future.

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