Facebook To Launch Its Own Cryptocurrency Next Year

Facebook is planning to launch its own cryptocurrency in early 2020, allowing users to make digital payments in a dozen countries.

The currency, dubbed GlobalCoin, would enable Facebook’s 2.4 billion monthly users to change dollars and other international currencies into its digital coins. The coins could then be used to buy things on the internet and in shops and other outlets or to transfer money without needing a bank account.

Facebook is expected to outline plans in more detail this summer and has already spoken to Bank of England governor Mark Carney. Founder Mark Zuckerberg met Mr Carney last month to discuss the opportunities and risks involved in launching a crypto-currency.

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Facebook has also sought advice on operational and regulatory issues from officials at the US Treasury.

The firm is also in talks with money transfer firms including Western Union as it looks for cheaper and faster ways for people without a bank account to send and receive money.