Hydrogen, am I missing the source of that quote or what? Where did it come from?
I think this is the original article, from Bloomberg:
https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfersAnyway, I just learned more about stablecoins than I knew before, so this was an interesting article. Since I'm not that familiar with them (but I understand the concept), I'm wondering why sending a Facebook coin would be more convenient than just using something like PayPal or a similar service. I think even Indians working overseas can send funds back to India via PP friends & family for no charge. The article doesn't exactly say that there's a problem that crypto in general is needed to solve, much less that an unproven, untested, not-yet-developed stablecoin is going to solve. Are Indians finding it difficult to send money back home?
I checked
Paypal's site and it depends how much you're sending. If you send $500 via bank transfer, it costs a $5 fee + ~ 1% currency conversion fee. If you send $2,000 via bank transfer, it's free to send and the currency conversion costs closer to 0.5%.
The less you send, the more expensive. For people remitting $100, they're paying a 6% fee and that's before currency conversion. I'm sure the costs are different for different countries.
One thing to consider is what happens when Paypal bans your account. That's where decentralized platforms shine. I don't know if Facebook's stablecoin will be built on a something like Bitcoin/Ethereum or if it's something more centralized.