Mubasher: Facebook prepares to launch its own digital currency by early 2020, enabling the social network users to make digital payments in a dozen of countries, the Guardian reported on Friday.

Dubbed GlobalCoin, the cryptocurrency would allow Facebook’s 2.4 billion monthly users to exchange dollars and other established currencies into its digital coins to either make payments or transfer money without a bank account.

The company aims to peg the value of GlobalCoin to a slew of currencies, including the US dollar, the euro (EUR) and the Japanese yen (JPY), in order to make the value of the currency stable, the UK newspaper said.

Last year, Facebook was reportedly developing its own cryptocurrency that would facilitate money transfers through using its encrypted mobile-messaging app WhatsApp.

Last month, the BBC reported that the social media giant’s founder Mark Zuckerberg met with Bank of England (BoE) Governor Mark Carney to discuss the plan.

The plan, under the name of Project Libra, was discussed also with US Treasury officials.

In addition, Zuckerberg was in talks with money transfer service providers, including Western Union, to work on low-cost, safe means through which individuals can send and receive funds.

Facebook has been expected for long to make a move in the area financial services, since former PayPal president David Marcus joined the company to manage its messaging application in 2014. Marcus currently runs Facebook’s blockchain initiatives.