Facebook is set to launch a digital currency in the first quarter of 2020.
The social networking giant has been working on a cryptocurrency for a while now.
According to Chief Executive Mark Zuckerberg the currency will be called GlobalCoin.
In an interview with BBC Zuckerberg said Facebook has partnered with Western Union, Bank of England and US treasury to make this project possible.
The testing for Globalcoin will begin late this year before its launching within the first three months of 2020.
However, the US Senate and Banking Committee has asked Facebook to address privacy and how it will ensure financial information of its users is protected before launching the cryptocurrency.