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Facebook is planning to launch its own cryptocurrency "GlobalCoin" to allowing users to make digital payments in about 12 countries in 2020.

Facebook is expected to announce its plans this summer. Facebook founder Mark Zuckerberg spoke to Bank of England Governor Mark Carney in this regard.

According to a report published in Feb. 28, 2019 in The New York Times (NYT), Facebook is creating its own cryptocurrency. It would be used on WhatsApp, which Facebook owns, to facilitate transactions between users.

Zuckerberg met with Carney last month to discuss potential opportunities and risks for launching facebook digital currency.

Facebook has asked for advice on labor issues and laws governing currency release from the US Monetary Authority.

Facebook is also in talks with currency exchange companies, Where it is looking for cheaper ways to convert currency to people who do not have bank accounts.

How will Facebook's 'GlobalCoin' cryptocurrency work?

Facebook wants to create a digital currency that provides cheap and secure ways to pay without the need for a bank account.

Facebook wants to break financial barriers, And Compete with banks and reduce consumer costs.

The first reports on the subject appeared in the past December

The reports predicted that a small group of founders would launch an association Based in Switzerland over the next few weeks.

Reports indicate that Facebook is in talks with a number of currency dealers in the virtual space to accept the new digital currency for cheap transfer fees.

Mark Zuckerberg, has previously hinted at an interest in cryptocurrencies and decentralized technology while acknowledging Facebook’s failure to protect users’ private data. 

Zuckerberg posted last January. "There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands"

If Facebook does launch a coin, it would probably have the highest circulation of any virtual currency, with a potential market of over two billion users. By comparison, there are only around 23 million distinct bitcoin wallets, and around 33 million Ether wallets—and many users have multiple wallets.