The CyberGuy Kurt Knutsson on Facebook removing 2.2 billion fake accounts and reports some Snapchat employees were spying on users.
WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal. Any rollout would have a major hurdle to overcome, that of trust, since buying and selling records would be a part of Facebook's data.
According to media reports, the Facebook currency could be created to be a "stablecoin" with a value pegged to United States currency in an attempt to minimize volatility.
The digital currency, which internally is called Globalcoin and was first reported a year ago, would enable users to pay for items online or in the real world, as well as to send money to others without the need for a bank account.
"Facebook set up Libra Networks in Geneva several weeks ago".
Bloomberg reported in December that Facebook is developing a so-called stablecoin, a digital currency whose value is pegged to fiat currency like the U.S. dollar.
Facebook representatives have also reportedly spoken to US Treasury officials for advice on the matter, looking to get a better insight on operational and regulatory issues involved in launching a digital currency.
Facebook CEO Mark Zuckerberg has a personal history with the owners of the Gemini exchange, Cameron and Tyler Winklevoss.
When asked for comment, Facebook repeated previous statements, saying: "Like many other companies Facebook is exploring ways to leverage the power of blockchain technology".
The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.