The coin, called GlobalCoin, would enable 2.4 billion monthly Facebook users to exchange dollars for other international currencies that can then be used to make payments and transfer money without having a bank account.
Facebook founder Mark Zuckerberg last month met with Bank of England Governor Mark Carney to discuss this plan.
Zuckerberg also discussed the proposal “Libra Project” with US Treasury officials and is in talks with several money transfer firms including Western Union to develop in a simple, less costly way for people who want to transfer money.
A report last year said that Facebook is developing a cryptocurrency that would allow WhatsApp users to transfer money.
To make the value of stable cryptocurrency, Facebook plans to link its value to some of the world’s strongest currencies, including the US dollar, the euro and the Japanese yen.
A Facebook movement in financial services has long been expected, especially after employing PayPal president David Marcus. The latter is also a board member of Coinbase, running Facebook’s initiative in the blockchain.
At the beginning of the month, the US Senate sent an open letter to Zuckerberg to ask about how the cryptocurrency will work and how consumers will be protected.
In February, JPMorgan became the first US bank to create its own JPM Coin counterpart as a way to ease payments and transfers.