A new currency, anyone?

But Facebook needs to win people's trust first

Facebook’s decision to develop a cryptocurrency for payments and transfers on its WhatsApp messaging platform has multiple implications. It imparts fresh energy and direction to a sector that’s suffered in 2018. It implies rebranding for Facebook, which is struggling to overcome mistrust from both users and regulators after the revelations of data misuse. It could also transform the cross-border remittances business. India is said to be among the largest target markets for this new initiative. There are 200 million active WhatsApp users in India and it is the recipient of huge remittances, with over $69 billion flowing into the country