Facebook, the world’s largest social-media network will soon launch its own currency. It would be used on WhatsApp, which Facebook owns, to facilitate transactions between users.
The currency will be in the cryptocurrency bitcoin model, international finance magazine WallStreet Journal reported.
The social media network plans to initially make its stable-coin available through its instant messaging application, WhatsApp. However, Facebook itself is yet to detail the project.
Between Messenger, WhatsApp and Instagram, which Facebook owns, there are a collective 2.7 billion users. If Facebook decides to back the value of its own digital coin with a basket of foreign currencies, then it could potentially become the largest central bank in the world.
And it is also rumoured that the Facebook currency will be first introduced in India.