By CCN.com: Facebook’s much-hyped cryptocurrency project, dubbed Project Libra, may launch in India within a matter of months, according to a Bloomberg report. The secretive blockchain project, led by a team of PayPal alumni, is expected to launch a stablecoin for sending peer-to-peer payments to friends and family as well as integrating with major e-commerce players.
Famed investor Mike Novogratz this week called Facebook’s looming service “stunningly important” to the crypto space. If executed correctly, he said, Facebook’s payment service will be a “big, big deal” and lend credibility to cryptocurrencies.
If Facebook launches the stablecoin they are reportedly building, it will quickly become the most used product in crypto.
WhatsApp has over 200,000,000 users in India alone.
The Indian government has been fighting crypto too so things are about to get very, very interesting…
— Pomp 🌪 (@APompliano) December 21, 2018
Facebook cryptocurrency: launching in India?
Facebook hinted at its plans to launch in India back in December. Early reports suggest Zuckerberg’s cryptocurrency will facilitate overseas remittance payments for Indian WhatsApp users. The cryptocurrency is expected to be a “stablecoin” pegged to the value of local currency.
Facebook Secretly Talking with Bitcoin Exchanges about Listing its WhatsApp Cryptocurrency https://t.co/HwSOAz3FHL
— CCN.com (@CCNMarkets) February 28, 2019
Facebook has since used India as a testing ground with the beta-launch of WhatsApp Pay in the region.
Some of India’s 200 million WhatsApp users can now activate a “payments” option, send peer-to-peer payments, and link up their bank accounts. Although we should point out this service does not yet tap blockchain technology.
Facebook’s @WhatsApp is reportedly testing waters for its payment service WhatsApp Pay in India. Stakes are high as it is up against the mighty opposition of Paytm, which is backed by #China’s Alibaba. https://t.co/oCwupLDHTe