The cryptocurrency will be used to transfer money between users on the social media giant’s messaging platforms and is based on a Facebook-created new version of the blockchain - “the encrypted technology used by bitcoin and other cryptocurrencies”, explains.

This tech is powered by a series of computers, which means it is not controlled by one central authority and therefore offers users more privacy.

Facebook says that the virtual currency is aimed in particular at the the 1.7 billion people worldwide don’t have access to a bank account, such as women in developing nations, the BBC reports.