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Facebook (FB) is reportedly planning to launch its cryptocurrency, now dubbed GlobalCoin, in 2020.

According to a recent report by BBC News, the social media giant is aiming to begin testing the new crypto by the end of 2019 with plans to launch in the first quarter of 2020.

“Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney,” reads the report. “Founder Mark Zuckerberg met Mr. Carney last month to discuss the opportunities and risks involved in launching a cryptocurrency.”

The report also indicates that Facebook has sought advice from officials at the US Treasury, and is currently in talks with money transfer firms including Western Union.

The new cryptocurrency is believed to be a stablecoin, meaning that the price is pegged to hold a predetermined value which will be backed by physical assets. As we previously reported, Facebook is courting major VC firms to raise $1 billion, which is believed to be destined to back the company’s stablecoin.

More: Facebook plans to launch ‘GlobalCoin’ currency in 2020
Related: Facebook (FB) Quietly Registers Swiss Firm for Its Libra Crypto Platform

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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