WhatsApp To Get It's Own Cryptocurrency?

in facebook •  4 months ago

Facebook seems to be working on a stable coin for Whatsapp according to the report from Bloomberg as it is expected to make a move into the financial sector in the future.


The company is developing a stablecoin -- a type of digital currency pegged to the U.S. dollar -- to minimize volatility, said the people, who asked not to be identified discussing internal plans. Facebook is far from releasing the coin, because it’s still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, the people said.

"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."

Facebook has over 2.5 billion users globally and whatsapp has over 200 million users in India alone. This move will allow them to get into the remittances market in countries such as India. Infact, India is currently the biggest market for remittances with over $69 billion in remittances sent annually.

This will be a huge move and I hope will force the Indian government which has been delaying a positive regulation around cryptocurrencies to act quickly. However it won't be easy as Facebook hasn't always had it easy in India even though Indian users are the largest number of users on the social media website.

According to Bloomberg:

The company’s relationship with India has been fraught, mainly because some instances of fake news spread through WhatsApp have led to violence there. Still, Facebook sees tremendous growth opportunity in the country. India has 480 million internet users, second only to China. That number is projected to grow to 737 million by 2022, according to Forrester Research Inc.

In any case I think this is an incredible news and it would be interesting to see how it plays out. It might also make Mark the biggest central banker in the world. Who knows? Maybe Facebook might get it's own token.

However, we need greater decentralisation and lower dependance on FIAT currencies such as the US dollar or Indian Rupee. I hope these moves will pave way for a better global economy in the years to come.

Meanwhile, Steemit Inc hurry up with the SMTs will ya?

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In fact, you know why indian market is important for them? Because the people didn't realize that facebook is selling they data to others... thats why the market is still growing fast in India. Not like europa, as the people dint like that facebook is selling the data and the market is getting smaller now in Europe. Of course Facebook have to do something to now die anytime later. And the have to make a stable coin, so people get more trust into they coin.... it is all a selling strategy... and of course they can make a coin with dollar backed up. there is a lot of money there.... but sad to see this.... truly, I am not happy about any facebook news on that type...

I wonder if they will make it decentralized

Will it be FB the one that cause the next insane bull run?

It's very important news for crypto market

Posted using Partiko Android

Firepower Sir, I like your post I got letest news about Crypto currency and economic development through your blog post.
Sir I always waiting your new post.
Thanks for sharing.

Posted using Partiko Android

Its really a huge move..if whatsapp (alongwith 200m users in India) launch its own currency.. The impact will be huge and the procedural thoughys about cryptocurrencies in Our country will be changed

Posted using Partiko Android

That is really good news hope to see some positive judgement soon from the government.

Posted using Partiko Android

All aboard the hype train I guess 😅

Great to here it sir, big players are coming in this will lead to end of fake thoughts about cryptos.

Facebook is shit and so will be their coin.

Posted using Partiko iOS

This is a big and important idea. It will allow people to get as many new opportunies as possible.