Facebook plans to raise up to $ 1 billion in investments for a new payment network based on encrypted digital currency, which could be a direct competitor to conventional credit cards.

Earlier reports had spoken of the company’s intention to develop a coded digital currency for its own messaging application Whatsup, but the new information shows that Facebook is developing an encrypted digital currency for its social network.

The “Project Libra” project, which the company has been working on for more than a year, plans to introduce digital currency so that its more than 1.5 billion users can exchange and spend on the social network and others. sites.

The company is considering a stable currency linked to the dollar or other traditional currencies, while the Whatsup encrypted currency is supposed to be linked to a basket of currencies.

Source : Facebook ( Project Libra )