Project Libra, Facebook’s much-hyped virtual currency project, may launch in India within a few months, as per a Bloomberg report. Led by a team of PayPal alumni, the reticent blockchain project is anticipated to launch a stable coin for sending P2P payments to friends and family as well as integrating with foremost e-commerce companies.
Bitcoin bull and renowned investor Mike Novogratz this week called Facebook’s alarming service “stunningly important” to the crypto ecosystem. If executed in the approved manner, he said, social giant’s payment service will be a very big deal and will lend credibility to cryptocurrencies and digital assets.
If Facebook launches the stable coin they are purportedly building, it will speedily become the most used product in cryptosphere. It is to be noted that WhatsApp already has more than two hundred million users in India alone.
Interestingly, Facebook hinted at its plans to launch in India back in December last year. Moreover, early reports imply Facebook’s cryptocurrency will make easy overseas remittance payments for Indian WhatsApp users. The digital asset is projected to be a “stable coin” pegged to the value of a local currency.
It is to be noted that the company has since used India as a testing ground with the beta-launch of WhatsApp Pay in the region.
Interestingly, some of India’s two hundred million WhatsApp users can now send P2P payments, activate a “payments” option, and link up their bank accounts. Although it should be pointed out that this service does not yet tap blockchain technology.
Novogratz further mentioned that the social giant’s presence in the crypto space will give the ecosystem a new level of credibility. He also claims that it will give institutional investors the assurance to get off the sidelines and invest in virtual currencies. However, he pointed out that Facebook’s impact depends on adopting a decentralized model, rather than a centralized payments service.