American online social media and social networking service company Facebook, Inc. is planning to launch its own cryptocurrency called 'GLobalCoin' and digital payments system by Q1 2020, BBC reports without disclosing its sources.

Facebook will reportedly reveal more details regarding the crypto-focused project this summer. According to the sources familiar with the matter, Facebook Founder & CEO Mark Zuckerberg consulted on the launch of the crypto-project with Bank of England governor Mark Carney. The company is also in talks with Western Union as it looks for cheaper and faster ways for people without a bank account to send and receive money, adds BBC.

Earlier it was announced that Facebook could be launching its own token in the third quarter of 2019. Moreover, Facebook hired two veteran compliance experts (Mikheil Moucharrafie and Jeff Cartwright) from the U.S.-based popular crypto exchange Coinbase.

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