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Facebook Plans To Offer Digital Versions of Government-Backed Currencies Apart from Libra Amidst Pressure

Facebook and 20 partner organisations formally joined the digital currency project during a meeting in Geneva in October

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Facebook CEO Mark Zuckerberg testified before the Congress last October about Libra, defending the idea, but acknowledging the struggles left to overcome. VOA

Hit by regulators and political pressure, Facebook is reportedly planning to now offer digital versions of government-backed currencies, including the US dollar and the euro, apart from the cryptocurrency Libra.

According to a report in The Information on Tuesday, the social networking giant would also delay the roll out of its digital currency by several months.

According to the report, Facebook Calibra wallet, originally slated to launch this summer, is now coming out in October.

The crypto wallet will also support other major currencies apart from Libra.

Facebook, however, denied the report that earlier stated that Calibra wallet will not offer Libra.

“Reporting that Facebook does not intend to offer the Libra currency in its Calibra wallet is entirely incorrect. Facebook remains fully committed to the project,” a Facebook spokesperson told The Verge.

Several US senators have opposed Facebook’s digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra “delusional” and “dangerous”.

Facebook CEO Mark Zuckerberg testified before the Congress last October about Libra, defending the idea, but acknowledging the struggles left to overcome.

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Hit by regulators and political pressure, Facebook is reportedly planning to now offer digital versions of government-backed currencies, including the US dollar and the euro, apart from the cryptocurrency Libra. Pixabay

The Libra Association last year said that that over 1,500 entities indicated interest in joining the Libra project effort since the project was announced on June 18, 2019.

Facebook and 20 partner organisations formally joined the digital currency project during a meeting in Geneva in October.

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However, the project courted controversies and telecom major Vodafone, which was one of the 21 organisations which signed onto the Libra Association charter in October, decided to exit the project.

Earlier, companies including PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings withdrew from the project. (IANS)

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Facebook To Give $40 Million in Grants To Help 10K Small Businesses in USA

The social networking giant recently announced $100 million global small business grant programme

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The social networking giant recently announced $100 million global small business grant programme. Pixabay

Facebook has announced $40 million in grants for 10,000 small businesses in the US to help them get through these challenging time.

The grants will go to small businesses in 34 locations where Facebook employees live and work. Those located in New York and Seattle will be the first to receive funds.

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“In this challenging time, when information is changing daily, we are listening to and learning from scores of small businesses to understand what they need now and what they will need down the road,” Facebook COO Sheryl Sandberg said in a statement on Thursday.

The social networking giant recently announced $100 million global small business grant programme.

“We’re making it easier for people to support their favorite local businesses with digital gift cards on Facebook, which are beginning to roll out today in the US,” said the company.

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Facebook has announced $40 million in grants for 10,000 small businesses in the US to help them get through these challenging time. VOA

People will see the option to support local businesses with digital gift cards in their News Feed.

Business owners can also create a personal fundraiser on Facebook for their business and ask customers for support during this critical time.

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“The COVID-19 pandemic has hit small businesses everywhere. Suddenly and, through no fault of their own, many simply can’t do business, and for others it has become much, much harder because customers are doing the right thing and staying at home,” said Sandberg. (IANS)