Facebook in talks with US regulators over digital currency plans

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Facebook in talks with US regulators over digital currency plans

Social networking tycoon, Facebook Inc., headquartered in Menlo Park, had been in talks with the Commodity Futures Tradition Commission (CFTC), US derivatives regulators, over the recent past to discuss about the California-based company’s plan to unveil a digital currency, a Financial Times report published on Sunday, the 2nd of June 2019, had unveiled.

Although the talks had been in an early stage according to Sunday’s (June 2nd) Financial Times report, yet the head of Commodity Future Trading Commission, Christopher Ciancarlo had been quoted saying on Sunday (June 2nd) that the US regulator of commodity trading had currently been evaluating whether a plan for digital coin could fall under CFCT’s jurisdiction.

While Facebook Inc. had been in talks with leading US regulators about launching a digital currency of its own, almost all of the cryptos or digital currencies had been found surging stridently, and the major crypto, Bitcoin had surged more than 110 percent over the last one and a half month and currently holding a side-way pattern between $7,900-$8,700 per coin.

In point of fact, Facebook had already set off a financial tech company in Switzerland focusing on payments based on blockchain and digital currencies alongside investing and data analytics, while Facebook’s introduction of a new digital coin would likely to add further bullish bias on cryptos’ gaining streak. None the less, a Facebook Spokeswoman had declined to comment immediately while being asked about the subject-matter.