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Facebook reportedly building its cryptocurrency in Switzerland

Updated : May 19, 2019 05:22 PM IST

According to a report in CNET quoting Swiss publication Handelszeitung, the Facebook cryptocurrency would be tied to the US dollar and could, therefore, remain stable, unlike Bitcoin which has crashed.
The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.
Facebook has over 238 crore users globally and launching cryptocurrency will allow them make payments using a virtual currency like Bitcoin.
Facebook reportedly building its cryptocurrency in Switzerland

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