Social media giant Facebook revealed that it is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020. Facebook has also confirmed the report that it wants to start testing its cryptocurrency that has been termed as ‘Global Coin’ by the end of this year.

Facebook has been actively working on its new venture, Facebook GlobalCoin which it claims to be competing with banks. The not so exposed cryptocurrency endeavor was earlier taking shape through hiring drive for the team. Recently, it was formally appointed as a subsidiary in Switzerland under ‘Project Libra‘on 17th May 2019.

If successful, the Facebook GlobalCoin could not only allow payments and transfers within the Facebook empire, but could also be stored on digital wallets and spent in shops, or exchanged into traditional currencies. The social media site is expected to join hands with banks and brokers that will enable users to convert fiat currencies into digital coins, which will be of great help to the users.

The report further adds that the social media leviathan is expected to outline its plan in more detail this summer and has already spoken to Bank of England governor Mark Carney. Facebook founder Mark Zuckerberg met Carney last month to discuss the risks associated with launching a cryptocurrency. It has also sought advice from the US Treasury on operational and regulatory issues.

The firm is also in talks with money transfer firm Western Union as it tries to pave the way for cheaper and faster ways to transfer money for those who don’t have a bank account.

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