MENLO PARK, CALIFORNIA — Facebook is building a cryptocurrency that could potentially let users transfer money via Whatsapp, reports Bloomberg.<br /><br />According to reports, Facebook is designing the new virtual currency with India in mind. <br /><br />The new cryptocurrency would allow Indian workers working overseas to send money back home through Whatsapp, which is widely used in India.<br /><br />The messaging app currently has more than 200 million users in the South Asian nation.<br /><br />The social media giant is looking to develop a stablecoin, whose value would be based on the US dollar for stability.<br /><br />However, according to Bloomberg, the company is far from releasing the coin and is still working on a strategy for the new virtual currency.<br /><br />In a statement, Facebook said it is "exploring ways to leverage the power of blockchain technology."
