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Reportedly, Facebook Inc. plans to release its own cryptocurrency anchored to the US dollar, initially to facilitate money transfers through its WhatsApp messaging app.
Bloomberg he cited "people familiar with the matter" stating that the social media giant will not release his stablecoin in a short time, but that when it does, it will initially be destined for the remittance market in India.
A strategy is still underway with regard to the custody of virtual assets and the fiat reserves involved, according to financial news.
Facebook has recently announced job ads related to blockchain technology, with Bloomberg counting about 40 people as part of the company's blockchain team.
He also hired David Marcus, former president of PayPal, in 2014, appointing him vice president of Messaging Products and, starting last April, head of the blockchain strategy. Previously he had worked as a director on the board of directors of Coinbase, based in San Francisco.
WhatsApp has 200 million users in India alone and is a world leader in remittances, with about $ 69 billion sent to the country in 2017, according to the World Bank.
Perhaps when Facebook's currency is released, there will be a more stable market for stablecoins, many of which have had problems late. The most popular among them, Tether, has seen its market share between gravity coins fall from 94% to 74% from this month, partly due to the entry of competitors, but not helps the US Justice Department initiated an investigation by questioning its connection to the alleged manipulation of the price of BTC, which peaked at $ 19,000 last December.
In addition, the Brazilian bank Deltec Bank & Trust, partner of Tether Limited, issuer of the stablecoin, was alleged by the regulators of the country to have a part in a money laundering program.
Just last week, Basis, issuer of the stablecoin with the same name, announced that it was closing due to regulatory difficulties it faced. It will return $ 133 million to investors.
