Facebook making its own currency - report

You already trust Facebook with your most personal data - but would you give it your money?

Facebook is reportedly developing its own cryptocurrency for users to send money to each other via its messaging service WhatsApp.

Bloomberg reports it will be rolled out in India first, with many expat Indians sending money home on a regular basis - US$69 billion last year. WhatsApp has 200 million users in the world's second-most populous country.

"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," Facebook told Bloomberg.

"This new small team is exploring many different applications. We don't have anything further to share."

Facebook's currency will reportedly be what's known as a 'stablecoin'. Unlike Bitcoin, it'll be pegged to the US dollar. This way its value won't fluctuate as much.

Bitcoin is worth about one-fifth what it was at its peak.