Facebook is finalising plans to launch its own crypto-currency next year.
It is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020.
The social media giant wants to start testing its crypto-currency, which has been referred to internally as GlobalCoin, by the end of this year.
Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney.
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.
- How will Facebook's crypto-currency work?
Facebook wants to create a digital currency that provides affordable and secure ways of making payments, regardless of whether users have a bank account.
The social networking site, which owns WhatsApp and Instagram, is hoping to disrupt existing networks by breaking down financial barriers, competing with banks and reducing consumer costs.
The project will see it join forces with banks and brokers that will enable people to change dollars and other international currencies into its digital coins.
A small group of co-founders are expected to launch the Swiss-based association in the coming weeks.
Facebook is also reportedly in talks with a number of online merchants to accept the currency as payment in return for lower transaction fees.
- What is a crypto-currency?
Virtual currencies can be used to pay for things in the real world, such as a hotel room, food or even a house. Digital tokens are held in online wallets, and can be sent anonymously between users.
Crypto-currencies run on blockchain technology. A blockchain is a ledger of blocks of information, such as transactions or agreements, that are stored across a network of computers.
This information is stored chronologically, can be viewed by a community of users, and is not usually managed by a central authority such as a bank or a government.
The concept was designed to ensure security and anonymity for users, by preventing tampering or hijacking of the network.
(Courtesy : BBC)
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