Social media giant Facebook has plans to complete its own digital payments network and launch a cryptocurrency in 2020, the BBC reports. That cryptocurrency is reportedly being referred to as ‘GlobalCoin’ within the company and is expected to be ready for testing sometime later this year.
While Facebook has been fairly quiet about its crypto plans, reports and rumors about their proposed payments network and possible introduction of a cryptocurrency have been circulating for months.
According to the BBC, Facebook founder Mark Zuckerberg has already met with Bank of England governor Mark Carney to “discuss the opportunities and risks involved in launching a crypto-currency.” The company has apparently also discussed regulatory concerns with the U.S. Treasury, and entered into discussions with various money transfer companies.
If the company follows through on its plans, it will be the second time it has attempted to launch its own digital currency. As the BBC notes:
It's not the first time Facebook has dabbled in digital currencies. A decade ago, it created Facebook Credits, a virtual currency that enabled people to purchase items in apps on the social networking site.
However, Facebook ended the project after less than two years after it failed to gain traction.
This time, Facebook may have to deal with an increasing appetite for cryptocurrency regulation in many areas of the world and will likely face skepticism and heightened scrutiny from U.S. officials concerned about the company’s approach to handling, using, and protecting customer data.