According to media reports, Facebook is building an cryptocurrencies-based payment system, seeking 1 billion of dollars in investment and negotiating with companies such as Visa, MasterCard and first information.
![](https://i0.wp.com/paypay.me/"wp-content/uploads"/2019/03/Facebook.jpg?resize=500%2C333&ssl=1)
The report also said the project was codenamed “Libra” and that Facebook was currently reaching out to e-commerce companies and Apps to invite it to accept the electronic currency.
It was reported last year that Facebook was developing an electronic cryptographic currency, “Stablecoin,” and used its mobile instant messaging software, Whatsapp, for encrypted transfers. At the time, it was reported that Facebook planned to pilot its cryptocurrencies in India first.