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India will be first nation to test FB's digital currency: Report

According to Facebook insiders, the blockchain group is developing a stablecoin, a type of digital currency pegged to the US dollar or a basket of currencies, making it less prone to swings in price

Topics
Facebook  |  Digital Currency  |  Dollar

Agencies  |  New York 

The inner workings of Facebook’s blockchain team are still shrouded in secrecy, but it’s staffing up, according to people familiar with the group. Those people said that its product, which Bloomberg earlier reported will be a type of cryptocurrency, could be announced as soon as next quarter.

Launched last May, Facebook’s blockchain unit now counts 50 employees. Facebook declined to comment on the team organisation or its plans. According to Facebook insiders, the blockchain group is developing a stablecoin, a type of digital currency pegged to the US dollar or a ...

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First Published: Fri, May 10 2019. 00:08 IST
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