File image: An illustration of bitcoin. (IOL).
INTERNATIONAL - Facebook was considering creating a cryptocurrency to be used for transactions between billions of its users, US media reported, citing anonymous sources. 

People in the know told the Cheddar financial news website that the US social media giant was very serious about this plan, a year after it began looking at the new technology.

Facebook has recently created a team of fewer than a dozen employees who will work on blockchain, a digital ledger that keeps track of digital tokens, such as Bitcoin. 

But the website said Facebook’s cryptocurrency plans would likely take several years to materialise. 

Cheddar cited sources as saying the network was not going to hold an initial coin offering.