Facebook has an intention to create a cryptocurrency, that will let users transfer money on its WhatsApp messaging app, Bloomberg reported.
“The company is developing a stablecoin -- a type of digital currency pegged to the U.S. dollar -- to minimize volatility, said the people, who asked not to be identified discussing internal plans,” the source said.
Facebook focuses primarily on the Indian money transfer market, as WhatsApp messenger is used by more than 200 million people there. The country also leads the world in remittances -- people sent $69 billion home to India in 2017, the World Bank said this year.
