Is Facebook developing its own digital currency?

Facebook could be developing its own cryptocurrency that users can send via WhatsApp. The tech giant is in the process of creating a ‘stablecoin’ that will allow users to transfer money on the Facebook-owned mobile messaging service. A stablecoin is a type of digital currency pegged to the U.S. dollar and is often favored for the fact that it’s less volatile than other currencies, such as bitcoin. Facebook is expected to launch the digital currency in India, as the country has a massive remittance market, where users residing in international countries send money back to family members in their home country.