Facebook To Launch 'Global Coin'

Facebook is aiming to launch its own crypto-currency in 2020, according to a BBC report.

The crypto-currency, being internally called Global Coin, will allow its users to make payments, transfer money without the need of a bank account.

The currency has a potential to tap Facebook's 2.4 billion monthly users. In comparison around 30 million people use crypto-currencies globally.

Last Month Founder Mark Zuckerberg met Bank of England governor Mark Carney to discuss the details of the proposal, named Project Libra.

Facebook also discussed the plan with US Treasury officials and money transfer firms, including Western Union, to develop better, cheaper ways of money transfer.

Crypto-currencies are known to be unstable so it is believed that Facebook will back the crypto-currency against a basket of established currencies, including the US dollar, euro and Japanese yen.