Facebook is planning to release its own cryptocurrency in 2020 called GlobalCoin. The social media giant has been interested in a potential cryptocurrency since December 2018 under the codename Project Libra, according to a report by Forbes.

Mark Zuckerberg, Facebook's founder, met with Mark Carney, governor, Bank of England to discuss how a Facebook version of bitcoin would work. Facebook could utilize its massive userbase to knock bitcoin off its pedestal with GlobalCoin.

Facebook is allegedly raising money for collateral for its cryptocurrency, which will have a stable value, according to the report.