The biggest challenge for Facebook would be consumer privacy concerns and regulatory barriers. (Alexander Koerner/Getty Images).While India has continued to hold a strong stand against cryptocurrency, Facebook has unveiled plans to move into e-commerce and global payments. The social media giants have linked with 28 partners in a Geneva-based entity known as Libra Association to govern its new digital coin set to launch in 2020, NDTV Gadgets reports.
The social media platform has also created a subsidiary called Calibra to offer digital wallets to save, send and spend Libras. The Calibra will be connected to messaging platforms Messenger and WhatsApp.
Partners in this ambitious project include Mastercard, Visa, Spotify Technology SA, PayPal Holdings, eBay, Uber Technologies, Vodafone Group and venture capital firm Andreessen Horowitz.
The biggest challenge for Facebook would be consumer privacy concerns and regulatory barriers as it aims to squeeze revenue from its messaging services via transactions and payments, a step already implemented by Chinese social apps like WeChat.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.