Bloomberg: Facebook is Developing a Cryptocurrency for Transfers in WhatsApp

Facebook is reportedly making a cryptocurrency for users of the messaging service WhatsApp, Bloomberg reports on Dec. 20.

Citing sources familiar with the matter, Bloomberg states that Facebook is developing a stablecoin.

The sources further stated that the coin will not be released anytime soon, as Facebook is still working on a strategy for custody assets i.e. the asset to which the stablecoin will be tied.

According to data from the World Bank, the country received nearly $69 billion dollars in foreign remittances in 2017, or 2.8 percent of the country's GDP.WhatsApp enjoys widespread popularity in India, with over 200 million users in the country.

Facebook's stance on cryptocurrency has changed significantly over the last year.

In May, David Marcus, the head of Facebook's messaging app Messenger, announced the formation of a blockchain exploratory team at Facebook.

At the time, Marcus was also a board member at San Francisco-based crypto exchange and wallet service Coinbase.

Marcus then wrote "I'm setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch." Facebook repealed its blanket ban on crypto ads in late June, while upholding its ban on the promotion of initial coin offerings.

In August, Marcus stepped down from Coinbase's board in order to avoid a perceived conflict of interest.

He said "Because of the new group I'm setting up at Facebook around blockchain, I've decided it was appropriate for me to resign...".