US social media giant, Facebook, is preparing to step into the world of finance with a new digital currency, local media reported on Tuesday.

Similar to Bitcoin, the digital currency Facebook has devised is based on blockchain technology, although it is meant to exist without being subject to price fluctuations.

"Facebook will have no access to transaction data," David Marcus, Project Manager for the currency, which is named 'Libra' said.

Among its current 28 members are financial service providers - Visa, Mastercard and Paypal, high-profile companies that can facilitate the integration of Libra into payment systems.

Therefore, Libra will be fully covered by a reserve fund made up of different currencies.

SOURCE: https://www.tori.ng