According to Bloomberg news, informed sources said, Facebook is developing a stable currency pegged to the dollar, allowing users through its instant messaging application WhatsApp to transfer, it will be the first for India remittance market. Informed sources declined to disclose the internal plan, said Facebook is still under development strategy, including conventional monetary asset custody plan or protect the value of the currency’s stability.
The Facebook is encrypted currency for WhatsApp users regarding the development, the industry generally optimistic.
The India stock exchange MoonX CFO Odaily Li Hongwei to the daily planet said the reason optimistic about this initiative Facebook is mainly two:
One is the WhatsApp has over 200 million users in India, there are certain congenital conditions; two is the overseas remittance amount of India in the world, a huge market prospects. The landing will focus on its back.
Facebook will aim at the India remittance market how much? According to media reports, the World Bank released April 23rd “immigration and development briefing” data show that in 2017 India received the remittance from overseas workers for a total of $69 billion, ranking first in the world. China ($64 billion), Philippines ($33 billion) by row.
The same holding optimistic attitude and encryption currency researcher Hasu, the commentary said:
My prediction is that for the development of the market, FB (under development) the sum of encryption currency will contribute more than so far all the encrypted currency. Choose a stable currency is the right choice. Bitcoin moat becomes clear that it cannot compete in cheap / fast payment, but as a superior form of property competition. Imagine, it only need to use bitcoin moat (review of resistance) in exchange for throughput, become another payment network, then Facebook announced a out in all aspects of your product (stable value!) For 2 billion 300 million users. Sadness！
Morgan Creek founder Anthony Pompliano said on twitter:” If Facebook launched a stable currency products, will become the highest utilization rate of products. WhatsApp in India alone has more than 200 million users. And the India government in the fight against encryption industry especially strictly, so it will be very interesting.”
However, India had traced in the crypto currency industry strict supervision, so from the point of view to see how Facebook this move?
Li Hongwei to the daily planet Odaily said that their actual work in the India market, and did not feel like the India media reported that strict supervision, the India government will release hole in the encrypted currency, you can’t do in addition to currency trading, or other as usual. However, they are worried about is that if the WhatsApp supports encryption money transfer, then as a compliance APP products in India to do the promotion, how to achieve regulatory legitimacy.
In the aspect of supervision, Bloomberg said, Facebook in the world with 2 billion 500 million users, the annual income of more than $40 billion, in response to regulatory issues has a very rich experience. However, the relationship between Facebook and India more worrisome, because previously spread through WhatsApp some false news in India sparked violence.
In the Facebook block chain action has been popular. Since May of this year, the former head of the PayPal David Marcus became the block chain project leader, Facebook in August, September, December has been exposed in the recruitment of block chain related personnel.
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