The BBC reports that tests for the forthcoming digital currency are planned to take place by the end of 2019. While Globalcoin is ostensibly the coin's current name within the company, it has not been confirmed that it will retain the same name once development of the project is completed.

According to the BBC, Facebook founder Mark Zuckerberg met Bank of England governor Mark Carney last month to discuss the prospects and risks involved in its cryptocurrency launch.

Aside from this, the firm has reportedly consulted with United States Treasury officials on operational and regulatory matters — in particular in regard to identity checks procedures and mitigating money laundering risks, the BBC claims.

The report also refers to Facebook's ongoing discussions with global payments services provider Western Union, reportedly as part of its research into providing affordable access to money transfer services for the unbanked.