Social networking behemoth Facebook has formally announced that it would like to launch its own cryptocurrency next year according to reports by the BBC.

Founder and chief executive of social media giant Facebook, Mark Zuckerberg, has suggested there should be a universal basic income for all people. This would allow people in society to take more risks, he said, allowing people more freedom to execute new ideas and business ventures, with the confidence that they won't go without basic things needed to live.