Facebook is reportedly working on its own digital currency, despite banning ads for cryptocurrency earlier this year, according to Bloomberg.
Citing Facebook insiders as its source, Bloomberg has said the company is developing a type of 'stablecoin', which is a digital currency tied to the US dollar – and in theory, it's more stable than cryptocurrencies like Bitcoin as a result.
According to the article, the new currency will allow users to transfer money via its mobile messaging service WhatsApp.
Lack of public trust
A company spokesperson told Bloomberg, "like many other companies, Facebook is exploring ways to leverage the power of blockchain technology."
They went on to say that, "this new small team is exploring many different applications. We don’t have anything further to share."
Although Facebook has so far been unwilling to shed much light on its plans to develop a digital currency, Bloomberg has suggested that it would likely launch in India first – after all, India is a world-leader in remittance, with people sending a huge $69 billion home in 2017.
Whether people will be accepting of a Facebook-led digital currency is uncertain, particularly as public trust in the company has dipped yet again as a result of a new data privacy scandal emerging earlier this week.
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