according toBloomberg reportsaccording to

Bloomberg reports

, people familiar with the matter said that Facebook is developing a stable currency pegged to the dollar that will allow users to transfer money through its instant messaging application WhatsApp, which will first be used in the remittance market in India. The people familiar with the matter would not disclose internal plans, saying Facebook is still developing a strategy that includes a plan for asset custody or a regular currency that protects the value of the stablecoin.

People in the industry are generally optimistic that Facebook is developing a cryptocurrency for WhatsApp users.

Just how big is the Indian remittance market that Facebook will be targeting?according tomedia reportsaccording to

media reportsAccording to data from the "Migration and Development Briefing" released by the World Bank on April 23, India received a total of US$69 billion in remittances from overseas migrant workers in 2017, ranking first in the world. China (US$64 billion) and the Philippines (US$33 billion) come next.： 

its comment says

My prediction is that for a developing market, the contribution of the FB (under development) cryptocurrency will be greater than all cryptocurrencies combined to date. Choosing a stablecoin is the right choice. Bitcoin's moat is becoming clearer: it cannot compete in cheap/fast payments, but rather as a superior form of property. Imagine that Bitcoin needs to trade its only moat (censorship resistance) for throughput to become another payment network, and then Facebook announces a product that blows you away in every way (stable value!) available to 2.3 billion users. sad!

image descriptionSource: Twitter: “If Facebook launches a stablecoin product, it will be the most used product. WhatsApp has more than 200 million users in India alone. And the Indian government is very strict in cracking down on the crypto industry, so things will be interesting.”

Source: Twitter

image description

Source: TwitterHowever, India has previously been exposed to strict regulations on the cryptocurrency industry, so how do you view Facebook’s move from a regulatory perspective?Li Hongwei told Odaily that in his actual work in the Indian market, he did not feel that India is as strictly regulated as reported by the media. The Indian government will open its mouth in terms of cryptocurrencies. Except that people cannot trade in fiat currency, others still do as usual. However, what worries me is that

If WhatsApp supports cryptocurrency transfers,Then, as a compliant APP product, how to achieve regulatory legality when promoting it in India.In terms of regulation,Bloomberg says, Facebook has 2.5 billion users worldwide, with annual revenue exceeding $40 billion,

He has extensive experience in dealing with regulatory issues.However, Facebook's relationship with India is more worrisome, because some fake news spread through WhatsApp has previously sparked violence in India.Facebook's actions in blockchain have been attracting a lot of attention.was exposed

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