FACEBOOK IS REPORTEDLY DEVELOPING IT’S OWN DIGITAL CURRENCY

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FACEBOOK IS REPORTEDLY DEVELOPING IT’S OWN DIGITAL CURRENCY


Facebook is reportedly working on a digital currency that will enable money transfers on WhatsApp. The social network Facebook has planed to launch it’s own crypto currency in India’s growing mobile payments market.

The news arrived just months after Facebook revealed its plan to launch a block-chain group to study how it could use the technology for a secure online database of transactions.

What is Blockchain?

Blockchain, know as distributed ledger technology, is shared database that provides a public record of changes in the ownership of an asset, such as a cryptocurrency.

Facebook’s Blockchain team, believed to be working on plans for a WhatsApp stablecoin – a Bitcoin like currency that would be pegged to the US dollar to reduce volatility.

A Facebook spokesman said: “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

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