Facebook to Roll Out ‘GlobalCoin’ Cryptocurrency in 2020: Report

Social media giant Facebook is set to roll out its own cryptocurrency dubbed “GlobalCoin” in 2020, according to a report from the BBC. The news and broadcasting organisation said on Friday that Facebook is planning to launch the cryptocurrency-based payments system in “a dozen countries” by the first quarter of 2020 and is looking to start trials by the end of this year. Facebook has also apparently sought for advice from officials of the U.S. Treasury and the Bank of England governor Mark Carney regarding opportunities and regulatory issues for the…

Facebook Aims to Launch Payments-Focused Cryptocurrency in 2020

Social media giant Facebook plans to launch its own payments-focused cryptocurrency “Globalcoin” in 2020, according to a BBC news report published on May 24. The BBC reports that tests for the forthcoming digital currency are planned to take place by the end of 2019. While Globalcoin is ostensibly the coin’s current name within the company, it has not been confirmed that it will retain the same name once development of the project is completed. According to the BBC, Facebook founder Mark Zuckerberg met Bank of England governor Mark Carney last…

Facebook to Roll Out ‘GlobalCoin’ Cryptocurrency in 2020, Report Says

Social media giant Facebook is set to roll out its own cryptocurrency dubbed “GlobalCoin” in 2020, according to a report from BBC. The news outlet said on Friday that Facebook is planning to launch the cryptocurrency-based payments system in “a dozen countries” by the first quarter of 2020 and is looking to start trialing it by the end of this year. More details about Facebook’s crypto plan are said to be revealed in the coming months, the report said. It further added Facebook had looked for advice from officials of…

Brazil Shuts Down Cryptocurrency Pyramid Scheme That Defrauded 55,000 of $200 Million

Brazillian police have arrested ten people suspected of operating a cryptocurrency pyramid scheme worth 850 million reals ($210 million), local news media outlets including Correido Do Povo reported on May 21. As part of Operation Egypto, a swoop dedicated to unearthing unsanctioned financial schemes, Brazil’s tax agency joined police in orchestrating a crackdown on the figures behind Indeal, who they say amassed funds from 55,000 investors. They lured victims with the promise of a 15% payout in the first month after investment in the crypto scheme. In total, the investigation…

SEC Shuts Down Ponzi Scheme Which Duped 300 Into ‘Diamond-Backed’ Cryptocurrency

The United States Securities and Exchange Commission (SEC) has halted a confirmed cryptocurrency Ponzi scheme after it took funds worth $30 million, the regulator confirmed in a press release on May 21. The principal behind Argyle Coin, Jose Angel Aman, is now subject to legal action for running a Ponzi scheme using funds he gained from investors in his alleged diamond resale outfit. Aman had previously drawn suspicion over similar diamond-related companies, each promising investors huge returns through the reselling of wholesale diamonds. Argyle Coin, it was claimed, had full…

Police Arrest Dutch Cryptocurrency CEO in Rumored $25 Million Fraud Case

Disclaimer. This article has been updated to change the amount involved in the fraud case, as it was misreported in an English version of a Dutch article on the subject. Dutch police have arrested a former entrepreneur for fraud after alleging he conned investors in a fake bitcoin (BTC) mining operation out of €23 million ($25 million), Dutch daily news outlet De Gelderlander reported on May 21. According to reports, Barry van Mourik, who previously ran another cryptocurrency company also under suspicion, deceived clients into thinking they would earn money from bitcoin mining.…

Platform Allows Users to Send and Receive Cryptocurrency With Gadget of Their Choice

The team behind a private digital currency for secure payments says its goal is to make every consumer their own bank — enabling them to send and receive crypto with the gadget of their choice. Xeonbit says its peer-to-peer technology ensures that every user’s accounts and transactions are “out of reach to any prying eyes.” A feature known as “ring signatures” means public keys are shuffled in order to ensure that particular users cannot be identified once a transaction has taken place. The startup says this is not at the…

Cryptocurrency Project OneCoin Denies Ponzi and Pyramid Scheme Claims

Cryptocurrency project OneCoin is denying claims that it is a “hybrid ponzi-pyramid scheme” and scam, news outlet Samoa Observer reported on May 14. OneCoin is purportedly a cryptocurrency Ponzi scheme project, that raised hundreds of millions of dollars worldwide by luring investors with the promise of big returns and minimal risk. An investigation by the United States found that the project’s founders had generated 3.353 billion euros ($3.769 billion) in sales revenue. In April, a church in the Pacific nation of Samoa became at the center of scrutiny after ministers…

Russian Sberbank Demands Client Provide Data on Cryptocurrency Revenue

Russia’s largest bank Sberbank has requested that a client provide information on their income from cryptocurrency, the Russian version of Forbes reported on May 17. Co-founder of cryptocurrency trading platform Toxenbox.io, Vladimir Smerkis, told Forbes that the unnamed client received a letter from Sberbank requiring disclosure of their crypto revenue. The letter based its demand on Federal Law No. 115, “On Combating Money Laundering and Terrorism Financing.” The client had reportedly already informed the bank about their income from exchanging cryptocurrencies. Specifically, Sberbank wanted to know the client’s crypto wallet…

Facebook Registers Secretive ‘Libra’ Cryptocurrency Firm in Switzerland

According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2. This coincides with the slow roll-out of their internal cryptocurrency that will define the company’s first foray into blockchain technology. Facebook Global Holdings is a stockholder in the new company and it will, according to Reuters, “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.” Facebook’s march towards crypto has been slow and steady. The company’s latest move, the hiring of two Coinbase compliance…