Facebook plan to launch 'GlobalCoin' crypto-currency by 2020

Mark Zuckerberg speaking Image copyright NurPhoto

Facebook dey finalise plans to launch dia own own crypto-currency next year.

Di plan na to set up digital payment system inside 12 kontries by di first quarter of 2020.

Di social media giant wan to start to dey test e own crypto-currency, wey dem don already dey call GlobalCoin, by di end of dis year.

Facebook dey expected to show di full plans dis summer and e don already speak to Bank of England governor Mark Carney.

Founder Mark Zuckerberg meet Mr Carney last month to discuss di opportunity dem and risks wey dey inside launching crypto-currency.

Facebook don also collect advice on operational and regulatory issues from oga dem for US Treasury.

Di company dey also do tok-tok wit money transfer company dem including Western Union as e dey eye cheaper and faster ways for pipo without bank account to send and receive money.

How Facebook crypto-currency go work?

Facebook want to create computer money wey go provide cheap and secure ways of making payments, weda or not di user get bank account.

Di social networking site, wey also get WhatsApp and Instagram, dey hope to shake table networks by breaking down financial barriers, competing with bank and reducing consumer costs.

Dis mata wey dem call alias Project Libra, Facebook plans for digital currency network na for December dem first announce am.

Facebook dey also do tok-tok wit wsome online merchants to accept di currency as payment in return for lower transaction fees.

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