Breaking: Facebook Develops Its Own Cryptocurrency for Remittances

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After some resistance to blockchain and nonacceptance of the technology, Facebook, the social networks giant, has got down to developing its blockchain team and is currently looking for fresh talents to welcome to growing blockchain unit. In this regard, there have been rumors about launching Facebook’s own digital currency. They are reportedly true.

Those familiar with the matter have revealed that the company is working on developing a so-called stablecoin, digital currency pegged to the US dollar, that will allow users of the messaging app WhatsApp to transfer money on the platform.

As was reported by Bloomberg, Facebook is far from releasing the coin, as at the moment the company is “working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin.” Moreover, the focus will initially be “on the remittances market in India.”

The government of India is implementing a policy of demonetization and adoption of the blockchain technology. In September this year, mobile banking transactions worth of $6.8 million were processed, which marked a new monthly high. The country also leads the world in remittances. As the World Bank estimated, people sent $69 billion home to India in 2017.

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