Topic: Facebook to Develop its Own Stablecoin for Remittances (Read 155 times)

Guess mark wanted a piece of piece since Facebook is still widely used

As per report on Techcrunch, Facebook is reportedly planning its own stablecoin - The US tech giant would be the largest entrant to the consumer blockchain space (https://techcrunch.com/2018/12/21/facebook-stablecoin/)

My thoughts -

1) Good to see Big players like Facebook with deep pockets betting on Blockchain. But Privacy & CyberSecurity being one of the biggest challenges facing Blockchain technology - things people don't really trust Facebook with. The point of crypto is to decentralize power structures like Facebook from controlling your money. That also means not putting them in a situation where they control 50-90% of the funds while they distribute small amounts to people. Do we align with a corporation, especially one with the disgusting track record that Facebook and Google has.

2) Stable coins have not been very successful in past. 'Basis' recently closed after eight months. Other than that most high-profile stable coin to date, Tether has also been surrounded by controversy. But Facebook with 2.5 million global users and greater experience of navigating regulatory issues, may have a better chance of making stablecoin that sticks.

3) This initiative can come as boon to Facebook for emerging markets like India for expanding its business. This Facebook crytpocurrency will let users transfer money on its Whatsapp messaging app, and currently WhatsApp has over 200 million monthly active users in India. India is one of the largest markets for remittances, with migrants sending $69.59 billion back home in 2017 alone.