Facebook is planning to set up a digital payments system by the first quarter of 2020, which will be available in many countries according to BBC.
The social media giant wants to start testing its crypto-currency, which has been referred to internally as GlobalCoin, by the end of this year.
Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney.
Founder Mark Zuckerberg met Mr Carney last month to discuss the opportunities and risks involved in launching a crypto-currency.
According to BBC, Facebook has also sought advice on operational and regulatory issues from officials at the US Treasury.
Facebook is also reportedly in talks with a number of online merchants to accept the currency as payment in return for lower transaction fees, including Western Union as the company looks for cheaper and faster ways for people without a bank account to send and receive money.
In addition, many believe that Facebook is actually thinking of a stablecoin dubbed FaceCoin. While there is no confirmation about such a product, the rumours that the social media giant will eventually launch a crypto of some sort do not die out. Facebook is rumoured to be seeking to raise around $1 billion for the project.
