The social networking giant is said to be referring to its cryptocurrency as GlobalCoin, with plans to start testing it be the end of this year. The new tender is then slated to be roll-outed to around a dozen countries in the first three months of 2020. It would mark the second time Facebook has ventured into digital currencies after announcing Facebook Credits in 2010. The virtual currency allowed users to buy items in apps on the social networking site but came to an end after less than two years after its popularity failed to take off.
As part of its new idea, nicknamed Project Libra, Facebook wants to allow people to change international currencies into its digital coins and purchase goods and services in the real world.
It is said their idea is to open ways for users to make payments even if they do not have a bank account.
The company is said to have opened discussions with online merchants to accept the currency for lower transaction fees.
Facebook founder Mark Zuckerberg is reported to have held talks about the cryptocurrency with Bank of England Governor Mark Carney last month.
As well as this, the social network CEO is also said to have spoken to the US Treasury and Western Union.
More details of the crypto project are expected this summer.
Facebook declined to comment when asked by Express.co.uk.
Details of the project were first reported on by the BBC.
The social network has long been rumoured to be exploring a digital currency, after hiring former PayPal president David Marcus in 2014 to run its Messenger app.
The US senate and banking committee has expressed concern about reports of Facebook entering the digital currency business.
Writing an open letter earlier this month, the committee asking for clarity on privacy and consumer protections, and how it handles people’s financial information.
Facebook, which also owns Instagram and WhatsApp, recently set out a vision to unify its collection of messaging services with a more privacy-driven approach to social networking.