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Facebook to develop their Stablecoin for remittances: Report

Reportedly, the social media giant Facebook is trying to develop its own stablecoin for money transfers.

Citing anonymous sources that are familiar with the plan, a Bloomberg report on Friday said the company will initially focus on the Indian market to allow users to transfer money via a fixed-rate cryptocurrency on WhatsApp, the Facebook messaging app acquired in 2014.

However, the report added that the actual launch of the stablecoin could still be far away, as the initiative is in a strategic planning phase. Currently, WhatsApp has finished 200 million monthly active users in India.

India is also one of the largest markets for remittances, with the sending of migrants $ 69.59 billion only at home in 2017, according to the World Bank's last annual report.

Facebook setting up his blockchain team in May, with the goal of exploring emerging technology. He published five job openings at the beginning of this month, trying to add more members to his blockchain team with expertise in data science, software engineering and marketing.

David Marcus, who previously served as vice president for Messenger's Facebook app, heads the blockchain team. In June, the company appointed appointed Evan Cheng, a senior engineer, as his first blockchain engineering director.

"If Facebook launches the stablecoin that according to what is said by building, it will quickly become the most used product in crypto" tweeted Anthony Pompliano, a cryptologist and founder and partner of Morgan Creek Digital Assets, added: "The Indian government has also fought cryptography, so things are going to get very, very interesting."

Meanwhile, other global messaging applications, such as Kakao, LINE and Telegram, have already revealed plans to move into the blockchain space.

In August, the Japanese line became one of the first companies listed on the stock exchange to have launched its own blocknetin mainnet with a cryptocurrency called token LINK.

Correction: This article previously stated that the reported Facebook token would be pegged to the dollar. So far there is no indication on the nail of the stablecoin. This error has been corrected.

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