Reports suggest that Facebook is building a cryptocurrency for enabling money transfers via WhatsApp. The currency will help to bring down the expensive international transaction fees. Facebook is focusing it on the Indian market.
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” a company spokesman said in a statement. “This new small team is exploring many different applications. We don’t have anything further to share.”
There are over 200 Million WhatsApp users in India. If Facebook is successful in this project, it might be a great advantage to Indians. It will also cater to the needs of people who send money back to their homes. People sent $69 billion home to India in 2017, the World Bank said this year.
Facebook is reportedly looking to develop what’s known as a “stablecoin” This will be based on US Dollars to minimize the volatility seen by more high-tech alternatives like Bitcoin. Facebook is just on the initial stage of developing this currency. It will take quite a lot of time to implement it in the real world. It will take a lot of months or perhaps years to finally send money via WhatsApp.
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