Bloomberg quoted Facebook as saying that it is seeking to develop a cryptocurrency similar to Bitcoin and Ethereum in order to provide the option of transferring money on its popular Whatsapp program, which millions around the world use to communicate and transmit text, voice and video messages.

The agency stated that the company will launch its new currency from a fixed currency (with a value compared to US dollars) in order not to lose its value at a speed similar to other cryptocurrencies (as is usually the case in Bitcoin). According to internal sources at Facebook, the project is still in its infancy and there are still no details of the currency itself and how it is used in remittances.

Facebook announced last May that it was determined to launch a technology division responsible for the development of blockchain technology, the technology adopted by the cryptocurrency, in order to write down its banking operations. The division is headed by David Marcus, former director of PayPal Banking and Online Money Transfer.

India is the first to experience this technique

Bloomberg quoted a Facebook spokesman as saying that the company is seeking to explore new ways to take advantage of blockchain technology, and the spokesman noted that India will be the first market for this currency as it is the world's leading money transfer company, and the World Bank estimates the amount of money that entered India in 2017 through remittances at $69 billion.

Facebook aspires to gain a share of this large market, especially since it has more than 2.5 billion users worldwide, and India ranks second in the world - after China - with its number of Internet users