December 20, Bloomberg reported that Facebook is working on its own cryptocurrency for the popular WhatsApp messenger. The token is expected to be used for payments within the application with reference to the industry of remittances to India. It is noted that the largest social network is developing exactly stablein. According to information from sources, it is unlikely to expect the launch of cryptocurrency in the near future, as Facebook still only solves issues of storage assets will be supported by the new coin.
The Indian remittance market is a huge niche
According to the world Bank, in 2017 the country has received remittances from abroad, a sum of almost $ 69 billion, which is 2.8 percent of GDP. WhatsApp is widely popular – in India alone there are more than 200 million users. Last year, the user base expanded to rural residents, as the region has significantly decreased the cost of the Internet.
Recall that in the last year the attitude of Facebook towards cryptocurrencies was very unstable. In January 2018, the web giant introduced a ban on advertising of cryptoprocta. How, then, argued the company, the move was aimed at combating escalating Scam. The company lifted the ban on cryptomelane at the end of June, but upheld a ban on the promotion of the ICO.
Cointelegraph writes, in may, the head of the app Facebook Messenger, David Marcus announced the formation of a special unit in the company, specializing on the blockchain. At that time Marcus was also a member of the Board of Directors in Coinbase, a crypto currency exchange and service cryptocell. The expert wrote that gathers a small group of specialists in the blockchain from scratch to figure out how to best apply the technology within the social network. In August, he resigned as Chairman of the Board of Coinbase, to avoid possible conflict of interest.
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