Facebook (FB) is finalizing plans to launch its own cryptocurrency in Q1 2020 with a digital payments system in about a dozen countries, BBC News reported on Friday.
Facebook is looking to start testing its cryptocurrency, referred to internally as GlobalCoin, by the end of the year. The social media company is expected to outline more detailed plans this summer.
Facebook CEO Mark Zuckerberg met with Bank of England governor Mark Carney last month to discuss the opportunities and risks involved in launching a cryptocurrency. The company has also sought advice from US Treasury officials on operational and regulatory issues.
The company is also in talks with money transfer firms such as Western Union, as it looks for faster and cheaper ways for people without a bank account to send and receive money. Facebook is also reportedly in talks with several online merchants to accept the cryptocurrency as payment, in exchange for lower transaction fees.