According to a Bloomberg report, Facebook wants to launch a stablecoin for Whatsapp transfers and its first target market is India. The stablecoin is likely to be pegged to the US dollar, and will be targetted at the fast growing Indian remittance market. Even though there is no official word from Facebook yet, this news should definitely excite cryptocurrency enthusiasts across the globe who have been waiting for one of the top tech giants to move into cryptocurrencies. Moreover, it should come as great news for cryptocurrency investors in India who have been long struggling with government’s ambiguous stand on cryptocurrencies.
Facebook has been indicating for some time that it wants to implement blockchain technology and study cryptocurrencies. It also moved a senior executive named David Marcus from its messenger division to the new blockchain division earlier this year. If the social media giant does launch the new Facebook Coin, it will definitely see a lot of adoption owing to the power of the platforms under its hood.
However, launching a cryptocurrency in India has a lot of roadblocks. The Indian government has adopted a negative stance around cryptocurrencies and getting them on board for the new initiative will be a key priority for Mark Zuckerberg and team if they are indeed serious about launching a stable coin on Whatsapp in India. In addition, Facebook will have to fight off local payments giants like Paytm to launch its own platform for money transfer. In addition, Facebook has a scarred history with India thanks to its failed ‘Free Basics’ initiative. Will India trust Facebook with a Facebook Coin or Whatsapp Coin? It remains to be seen!
Image Credit: By Maurizio Pesce from Milan, Italia – Mark Zuckerberg on stage at Facebook’s F8 Developers Conference 2015, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=50996200
Facebook developing a stablecoin for Whatsapp money transfers in India?: https://cryptodost.io/news/facebook-developing-a-stablecoin-for-whatsapp-money-transfers-in-india.html
Crypto Dost official website: https://cryptodost.io/
Like the Crypto Dost Facebook page: https://www.facebook.com/thecryptodost/
Follow Crypto Dost on Twitter: https://twitter.com/TheCryptoDost
For enquiries, write to email@example.com
Disclaimer: Please keep in mind that I have made this channel to share my experiences in the cryptocurrency market. I am not a professional financial advisor and the information provided is solely for educational purposes. Consult your own financial advisors and do your own research before investing in cryptocurrencies. Investing in cryptocurrencies is inherently risky and you can also lose all the amount you invested. Only invest the amount you can afford to lose. The channel shall not be liable to the viewer for any damages, claims, expenses or losses of any kind (whether direct or indirect) suffered by the viewer from or in connection with the information obtained on this channel.