Facebook wants to launch its cryptocurrency next year but cashing in on India might be tough

Facebook is reportedly working on its cryptocurrency which it plans to roll out by 2020 when the company is slated to launch its digital payments system in a dozen countries. The social media company wants to begin with its testing of the cryptocurrency, which is being termed internally as ‘GlobalCoin’, by the end of this year, the BBC reported.

The social media giant is expected to provide more details on the cryptocurrency later this summer and has spoken to the Bank of England governor Mark Carney. Facebook’s founder Mark Zuckerberg met Carney last month to discuss the risks and opportunities involved in the said cryptocurrency.