Facebook’s Cryptocurrency project dubbed Project Libra has been making Cryptocurrency headlines for the last few months. According to a majority of information, the most visible detail is Facebook’s Cryptocurrency being a stablecoin.
A stablecoin is defined as a cryptocurrency which minimizes the high volatility of cryptocurrencies by being pegged to a fiat currency or an exchange-traded commodity like gold.
The latest details emerging from Facebook insiders have highlighted that India could be the region where the new Cryptocurrency will first be tested.
India currently is facing a confusing Cryptocurrency ban which according to Ajeet Khurana of Zebpay is not really the case. However let’s not forget that India’s growing population, along with high remittances makes it the ideal country to kickstart the Cryptocurrency for testing.
India being the second most populous country in the world after China has 1.366 Billion currently living in the country. The median age is 27 years old showcasing that social media such as Facebook and Whatsapp is highly used in the Asian country. The stablecoin could be used to transfer money through the push of a button through WhatsApp, which will be beneficial to the many Indians living abroad sending funds back to their families back home.
India was noted for being the top recipience of remittances with USD 79 billion recorded being sent back home in 2018 according to the World Bank.
Potential of Facebook’s Stable Coin
In India, alone Facebook’s stable coin could create mass adoption of Cryptocurrency. Anthony Pompliano who is actively engaged on Crypto twitter pointed out in December 2018 about India being a big market for Facebook’s stablecoin.
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
Reversal of Facebook’s Crypto Advertisement Policy
The social media giant has reversed the advertisement policy of a written approval involving Blockchain and Cryptocurrency products and services. However, it still restricts initial coin offerings (ICOs) due to the big scams in the industry. While Cryptocurrency exchanges and mining products and services need to be reviewed beforehand.
These reversals come in at a time when Facebook’s stablecoin project is trending due to financial players such as Visa and Mastercard planning to fund the project.
What makes Facebook’s stable coin even more impressive is the fact that most of the team consists of ex Paypal employees such as the former president of Paypal David Marcus.
Could Paypal’s last few months as the leading Payment processing company come to an end? Let’s wait and see!