FACEBOOK TAKES AIM AT E-COMMERCE WITH LIBRA

America Asia Business Technology

Facebook has unveiled plans to launch cryptocurrency called Libra next year as part of its efforts to expand beyond social networking.
However, consumer privacy concerns and regulatory barriers may present significant hurdles for the move.
Facebook has linked with 28 partners to form Libra Association, a Geneva-based entity governing its new digital coin to be launched in 2020.
The social media platform is also launching Calibra, a subsidiary which will handle its crypto payments through Messenger and WhatsApp.
Facebook is betting it can squeeze revenue out of its messaging services through transactions and payments.
It is something already happening on Chinese social apps like WeChat.

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