Facebook plans to launch its cryptocurrency by the first quarter of next year, reports BBC News.
The company is expected to reveal more details about the currency this summer, before testing begins later in 2019.
According to BBC News, last month Facebook Chief Executive Officer, (CEO), Mark Zuckerberg met with the Bank of England’s governor Mark Carney to discuss the opportunities and risks of the planned digital currency.
The currency, which is being referred to internally as “GlobalCoin,” will reportedly be available in around a dozen countries at launch, where it’s expected to offer people affordable and secure payments without the need for a bank account.
Reports suggest that the currency could be designed to be a “stablecoin,” with a value pegged to US currency in an attempt to minimize volatility.
The company has been in talks with the US Treasury, as well as money transfer firms like Western Union, to discuss operational and regulatory issues relating to the cryptocurrency.