A BBC business report has just released fresh details on near-finished plans by social media giant Facebook to launch its own cryptocurrency next year; the coin has been dubbed internally as GlobalCoin.

According to the report, Facebook’s founder Mark Zuckerberg had held meeting with Bank of England governor Mark Carney last month to talk about the opportunities and risks associated with launching such a currency. The company also met with the US Treasury to seek advice on regulatory and operational issues, alongside discussions with money transfer institutions such as Western Union in a bid to find solutions for transferring money for people without bank accounts.

More details have been promised this summer, but GlobalCoin testing has been scheduled for the end of 2019 and digital payment systems will be installed for around 12 countries by early 2020.

Dubbed Project Libra, the plans for Facebook’s digital currency, nicknamed Facebook Coin, first surfaced late last year. Much speculation had surrounded its use and extent, but it is now understood that GlobalCoin will work together with banks to help people transfer dollars and other international currencies into a digital network for further use. Some co-founders are expected to launch the new association based in Switzerland in the coming weeks.

Venture capitalist Tim Draper is thought to be in discussions with Facebook to consider possible investments into the crypto project.


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