The social media giant Facebook is talking with the U.S. Commodity and Futures Trading Commission (CFTC) over its crypto Stablecoin project.
According to Christopher Giancarlo, CFTC Chairman, the main goal of the meeting is for the agency to better understand the project to determine if it falls under its jurisdiction.
This development came after news surfaced that Facebook has began talking with both the U.S. and the U.K. government officials to discuss opportunities and regulatory issues for its upcoming Stablecoin dubbed as the GlobalCoin.
GlobalCoin was reported to be a Stablecoin that will be tied to the value of a fiat currency, which exact currency or currencies is yet to be disclosed.
It’s primary use case is to enable Facebook’s global users to transfer money across borders and to make online purchases possible.
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