Handelszeitung, the Swiss media, said Facebook's encrypted currency was pegged to the dollar, so it might remain stable, unlike Bitcoin, which was on a rollercoaster ride.
It is reported that Facebook set up Libra Networks in Geneva a few weeks ago and pointed out that Libra is the internal project name of the company's digital currency. The Swiss company, owned by Ireland's Facebook Global Holdings II, will focus on developing software and hardware for currency-related functions such as payment, block chains, analysis, big data and identity management, the report said.
Facebook declined to comment, but according to a February New York Times report, Facebook has a team of 50 people dedicated to using its virtual currency in its social networks and WhatsApp messaging services.
At the time, Facebook declined to comment on the virtual currency plan, but confirmed that it was working on a block chain system.
"Like many other companies, Facebook is exploring ways to leverage the power of block chain technology," the company said in a statement. "This new small team is exploring many different applications."