Social media giant Facebook plans to unveil its cryptocurrency later this month. This is according to reports from The Information of 5 June.

At the end of last month, it emerged that the cryptocurrency project of Facebook is internally called the GlobalCoin and that Facebook plans to launch it in early 2020.

However, according to The Information, the unveiling will take place this month. The Information also writes that employees at Facebook can choose to be paid in the cryptocurrency.

Facebook would also be planning to install physical ATMs with which users can buy the cryptocurrency. In addition, Facebook would be in conversation with external parties so that they can act as nodes ( to validate transactions on the blockchain). Reportedly, it costs parties around $ 10 million to participate.

Furthermore, The Information reports that Mark Zuckerberg, CEO of Facebook, has faith in the project but that the COO and CFO are "skeptical".

This week Facebook was still in conversation with the American regulator, the Commodity Futures Trading Commission (CFTC), about the regulations regarding the launch of its own cryptocurrency.

A week earlier Facebook would have spoken with several cryptocurrency exchanges including Gemini, the exchange of the Winklevoss twins.

Yesterday, John de Mol filed a lawsuit against Facebook. He holds the company responsible for the many fake bitcoin (BTC) advertisements that have appeared on social media with his name and likeness on it. You can read more about the Jon de Moi lawsuit here.