Facebook Mulls Own Digital Currency – Reports

Facebook considers creating a cryptocurrency to be used for transactions between billions of its users, US media reported, citing anonymous sources privy to the matter.

People in the know told the Cheddar financial news website that the US social media giant was very serious about this plan, a year after it began looking at the new technology.

Facebook has recently created a team of less than a dozen employees who will work on blockchain, a digital leger that keeps track of digital tokens, such as bitcoin.

But the website said Facebook’s cryptocurrency plans will likely take years to materialize. Cheddar cited sources as saying that the network was not going to hold an initial coin offering.