Social networking giant Facebook is reportedly planning to develop its own cryptocurrency for WhatsApp money transfers, with a focus on Indian users.
A Bloomberg report has said that the US-based social networking giant is developing stable coin — a type of cryptocurrency pegged to the value of the US Dollar — to minimise the effects of volatility.
According to the report, Facebook is currently working on a plan for custody assets or regular currencies to protect the stablecoin’s value with a focus on the remittance market in India.
The country is ranked first in terms of remittances with non-resident Indians sending $69 billion (₹ 4.84 Lakh crore) back to India in 2017, according to World Bank data.
The report comes at a time when WhatsApp is caught in a tussle with Indian government authorities over multiple issues such as data localisation and spread of fake news.
The Facebook-owned company ran a beta test for its payments service earlier this year. However, it was later stopped as the government had ruled that the company will not be able to launch WhatsApp Pay till it sets up an office and recruits a team in India.