Facebook could launch its own cryptocurrency 'as early as next year'

Move over Bitcoin. Facebook is reportedly gearing up to launch its own cryptocurrency called GlobalCoin as soon as next year.

Chief executive Mark Zuckerberg met Bank of England governor Mark Carney last month to discuss the plans, according to the BBC.

He is also thought to have spoken to the US treasury and firms such as Western Union, to develop an affordable way for people to send money between each other.

GlobalCoin testing will reportedly kick off at the end of the year ahead of a slated roll-out to about a dozen countries in the first three months of 2020.

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.

However, when asked to comment on the news, Facebook just repeated previous statements.

Like many other companies Facebook is exploring ways to leverage the power of blockchain technology, the company said.

This new small team is exploring many different applications. We don't have anything further to share.