With the price of bitcoin trending upwards on the CoinDesk Bitcoin Price Index, the digital currency market is once again showing resilience, even in the face of controversial news from the People’s Bank of China (PBOC) and the Internal Revenue Service (IRS).

However, while these events saw major government agencies attempting to limit how funds could be handled by bitcoin businesses and imposing accounting requirements on bitcoin users, a new report has suggested that bitcoin could soon face another threat, this time in the form of viable competition that could hinder adoption in the short term.

The Financial Times reported on 13th April that Facebook is reportedly exploring an electronic mobile money service that would allow users throughout Europe to exchange units of monetary value through a process called “passporting”.

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