Facebook is finalising plans to launch its own crypto-currency in 2020 and has already held talks with Bank of England governor Mark Carney, reports BBC News.
It plans to establish a digital payments system in around 12 countries by Q1 2020, and wants to start this 'GlobalCoin' crypto-currency by end-2019. Facebook has also sought regulatory and operational advice from the US Treasury, and is expected to provide detailed plans in summer 2019. It is also in talks with money transfer providers, including Western Union, as it looks to provide faster and cheaper ways for those without bank accounts to send/receive money.
The company was previously reported to have set up a new company called Libra Networks to provide financial and technology services.
