One of the leading social media platform Facebook aims to launch a payment-based cryptocurrency in 2020. Apparently “Globalcoin” is the name it’s being called for now. The Facebook founder Mark Zuckerberg contacted Bank of England governor Mark Carney to discuss various possibilities and drawbacks of the currency launch. Prior to this, there have been speculations going around that Facebook crypto will launch in Q3 2019. This report comes from the BBC.

According to the report, the company has been continuously under the guidance of United States Treasury officials. It’s consulting on functional and regulatory concerns including identification processes and reducing money laundering risks. The report also notes about the underway discussions between Facebook and global payments service provider Western Union. It seeks to provide convenient access to money exchange services for the unbanked.

The payment-based digital currency anticipates upsetting the banking networks so that it can uplift the financial barriers and diminish consumer costs.

In December 2018 Facebook’s gossipy tidbits about the integration of cryptocurrency for WhatsApp came into the light. Remarkably, the social media is planning to bring the messaging apps – WhatsApp, Messenger and Instagram under one shade. It intends to convey its digital money potential to a total of 2.7 billion clients every month.

Facebook is purportedly looking for $1 billion in moving for the task from Visa and MasterCard. It has likewise supposedly met with VC big shot Tim Draper to talk about conceivable speculation.