Facebook's GlobalCoin May be Launched in June

Simultaneously, Facebook employees will be able to get salary in new stablecoins and users will be able to acquire it thru "physical portals"
06 June 2019   382

The launch of a cryptocurrency by Facebook can happen already this month. At the same time employees of the company will be able to receive a salary in new coins, according to The Information.

According to the publication, Facebook also plans to launch “physical portals”, through which users will be able to acquire a new stablecoin called GlobalCoin.

It is assumed that a specialized structure has been created to manage GlobalCoin. It is currently negotiating with various financial institutions and technology companies whose developers want to tap resources.

The publication also claims that the company involves third-party organizations to perform the function of the nodes in its network. However, for the opportunity to become a member of the network, they will presumably have to put out of pocket up to $ 10 million. Successful candidates will be able to appoint one representative each in the project unit.

The decentralized GlobalCoin network at the launch stage is expected to consist of 100 nodes, which will allow Facebook to attract at least $ 1 billion to develop the project.

Earlier in June, it was reported that Facebook had held talks with the US Commodity Futures Trading Commission (CFTC). GlobalCoin was the topic of discussion, and as stated, the CFTC was going to find out if the coin falls under its regulation.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.