Facebook's digital currency is expected to be launched in 2020 and will be called GlobalCoin. At first, it will be distributed only in a dozen of countries.

Facebook hopes to launch its own cryptocurrency in the first quarter of 2020. By this time, the company plans to develop and create a digital payment system in about a dozen of countries. Testing of the future system, which is not called Libra, but GlobalCoin, is scheduled to start at the end of 2019, BBC reports.

Facebook is discussing its crypto project with regulators and authorities in the US and European countries. Thus, the social network turned to the US Treasury for advice on operational and regulatory issues, while in the summer, Facebook will discuss its crypto plans with Bank of England executive Mark Carney. Facebook founder Mark Zuckerberg has already met with Carney in April 2019, and their conversation partially touched the opportunities and risks associated with the launch of cryptocurrency.

In addition, Facebook is negotiating with payment services, including Western Union. And according to the Financial Times, Facebook also began negotiations with the American cryptocurrency exchanges Coinbase and Gemini.

Facebook intends to create a digital currency that will offer an affordable and secure way to make payments, regardless of whether users have a bank account. The company, which also owns WhatsApp and Instagram, hopes to break existing restrictions, overcome financial barriers, and become a competitor to banks, reducing consumer spending on remittances.

However, the biggest problem remains without answer. The question is whether users will trust the social network enough to invest their money in the digital Facebook coin.

Facebook, Western Union and the Bank of England declined to comment.