FILE - In this March 29, 2018, file photo, the logo for Facebook appears on screens at the Nasdaq MarketSite in New York's Times Square. Facebook is prohibiting election ads for Indonesia's presidential election that are purchased from outside the country. It says the restriction is part of "safeguarding election integrity on our platform." (AP Photo/Richard Drew, File)

CAPE TOWN - Facebook is reportedly planning to create a cryptocurrency coin for WhatsApp.

This is according to a New York Times report which states that Facebook’s “working on a coin” that will allow users to send and receive virtual cash to contacts, similar to Venmo and PayPal.

However, the report showed that the publication reached out for comment and Facebook did not directly address its work on a digital coin. 

Cryptocurrency publication Coindesk also reported the same news stating that a source confirmed that the company is working on a stable coin, based on past meetings with the Menlo Park company.

In December 2018, Bloomberg was the first to report the news stating that the coin would allow users to transfer money on WhatsApp and that it would be a type of digital currency pegged to the US dollar.

Other messaging services such as Signal and Telegram are also reportedly working on their own digital currencies.

BUSINESS REPORT ONLINE