Facebook plans its own currency ‘Libra’ for 2 billion-plus users in 2020
San Francisco: Amid intense calls to break it down as the company has grown too big, Facebook on Tuesday announced its own digital wallet subsidiary called "Calibra" for its global cryptocurrency "Libra" which would be powered by Blockchain technology.
The new digital wallet for Libra will be available in Facebook Messenger, WhatsApp and as a standalone app in 2020, the company said in a statement.
Facebook currently generates 99 per cent of its revenue from advertisements and its own digital currency would help it reach billions of its users across products, creating another stable revenue stream.
"Today we're sharing plans for Calibra, a newly-formed Facebook subsidiary whose goal is to provide financial services that will let people access and participate in the Libra network," said Facebook.
From the beginning, Calibra will let users send Libra to almost anyone with a smartphone, as easily and instantly as they send a text message and at low to no cost.
"In time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass," said the social media giant which is facing intense scrutiny over users' privacy violations.
Facebook said Calibra will have strong protections in place to keep your money and your information safe.
"We'll be using all the same verification and anti-fraud processes that banks and credit cards use, and we'll have automated systems that will proactively monitor activity to detect and prevent fraudulent behaviourm" explained the company.
It said it would also offer dedicated live support to help if a user loses the phone or password — and if someone fraudulently gains access to the account and the user loses some Libra as a result, Facebook would offer a "refund".
Aside from limited cases, Calibra will not share account information or financial data with Facebook or any third party without customer consent, claimed the company.
"This means Calibra customers' account information and financial data will not be used to improve ad targeting on the Facebook family of products.
"The limited cases where this data may be shared reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra. Calibra will use Facebook data to comply with the law, secure customers' accounts, mitigate risk and prevent criminal activity," the company explained.
Facebook said it is still early in the process of developing Calibra and would consult experts to make the product safe and private.
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NDA's win in Bihar Assembly bypolls a matter of concern: Prashant Kishor
Patna, Nov 23: Political strategist turned activist Prashant Kishor on Saturday dubbed as "a matter of concern" the NDA's win in assembly by-polls in Bihar despite "failure" of the BJP-led coalition to end the state's chronic backwardness during it's decades-long rule.
Talking to reporters here shortly after the results were out, Kishor also drew succour from the fact that his fledgling Jan Suraaj won "10 per cent" of the total votes polled in four seats, but rubbished the claim that it had played a role in the RJD's defeat in three of these.
"RJD is a 30-year-old party. The son of its state president finished third. Can Jan Suraaj be faulted for that? In Belaganj all Muslim votes went to the JD(U) candidate. In Imamganj, the Jan Suraaj cut into NDA votes. Else, the victory margin of (Union minister) Jitan Manjhi's Hindustani Awam Morcha would have been bigger", asserted Kishor.
Notably, Imamganj, a reserved seat, was retained by Manjhi's daughter-in-law Deepa, who defeated the RJD candidate by a thin margin of less than 6,000 votes. Jan Suraaj candidate Jitendra Paswan finished third, polling more than 37,000 votes.
When pointed out that in three of the four seats, candidates of Jan Suraaj had polled less than one-sixth of the total votes and ran the risk of losing their deposits, Kishor shot back "That should not be a matter of concern (chinta ki baat). If there is a matter of concern, it is the ability of the NDA to make a clean sweep despite having ruled Bihar for so long and "failed" to end the state's backwardness".
The IPAC founder, who had a brief stint in the JD(U), insisted that the party's supremo Nitish Kumar, the Chief Minister of Bihar, was a "spent force" and its candidate, former MLC Manorama Devi, had won on her own steam.
"We have always said that our fight is with NDA, not with RJD despite its claim of being the largest party in Bihar.....(but) Nitish Kumar is no factor. His party polled just about 11 per cent of total votes", said Kishor.
About his own party's inability to make a mark, Kishor said "We have secured 10 per cent votes..... in seats where Jan Suraaj had no presence since these areas were yet to be covered by my padyatra. Also, please note that we got our poll symbol after filing of nomination papers was over".
He also maintained that the Jan Suraaj will go solo in the assembly polls due next year when it will contest "all 243 seats".
"We were initially written off but by garnering about 10 per cent votes, in a state known to vote along predictable caste lines, we have proved a point. In the next few months we shall be strengthening the organization to ensure that vote share of the Jan Suraaj improves", he said.
