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Cryptocurrencies may be banned in India and go through a regulatory crisis here, but continue to incite debate and stimulate innovation to beat existing policy. Now work on a cryptocurrency that can be used on WhatsApp is Facebook.
A Bloomberg report cited internal sources who said it the company is building a cryptocurrency anchored to the US dollar to minimize volatility. Reportedly, Facebook is testing this out internally and will work on a plan to release these cryptographic currencies based on the currencies in the markets in which it operates.
This move is seen as great because Facebook had hired former Pay Pal executive David Marcus in 2014 to build a financial services platform. Marcus leads the company's blockchain technology initiatives and has hired dozens of people for his encrypted work.
In a statement, Facebook only said:
"Like many other companies, Facebook is exploring ways to harness the power of blockchain technology, a new small team is exploring many different applications, we have nothing else to share."
WhatsApp has over 200 million users in India and this cryptography-based application could prove to be great in the country. According to the World Bank, total remittances abroad from Indians who worked abroad in the country amounted to $ 69 billion in 2017. The currency Facebook is working on is called a stable currency that, unlike a Bitcoin or Ethereum, is anchored in a currency.
Several startups tried to build these stable coins but they closed. Recently, a stablecoin known as Basis also closed its doors with backers like VC Andrees Horowitz and former member of the US Federal Reserve Board, Kevin Warsh, said the Bloomberg report. The industry continues to be mired in controversies because startups in the cryptic world do not want to be controlled by governments.
The most interesting aspect was the fact that the Indian government has blocked some cryptocurrency startups and has approved a regulation that prohibits these startups from operating through banks to transfer money. However, "stablecoins" could effectively become a means of digital exchange.
Sources said Your story that if a cryptocurrency is connected to a normal currency, then it is not a cryptocurrency at all. And that could be the loophole that works for Facebook.
India has over 480 million internet users, second only to China. This number is expected to grow to 737 million by 2022According to Forrester Research Inc. Facebook could simply do this work in India, especially considering the link with Reliance Industries for the launch of WhatsApp on Jio phones.
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