Facebook Is Closing On Creating Its Own Cryptocurrency

Facebook might be a bit closer to creating its digital currency that you can use in your shopping transactions or with your friends.

The social network giant has reportedly set up a company in Switzerland to focus on payments and blockchain, the technology powering cryptocurrencies such as bitcoin.

Facebook’s march towards cryptocurrencies has been quiet and constant. The company’s latest move, the hiring of two Coinbase compliance supervisors, happened on May 14.

The Libra project has some knots conflicted in Congress, as well. Nevertheless, Facebook declined to talk on the currency strategies but did affirm it’s operating on blockchain systems.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” Facebook said in a statement.

U.S. lawmakers sent an open letter to the company seeking clarification about the money’s purpose and implications:

” Last year, Facebook asked U.S. banks to share detailed financial information about consumers. Also, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.”