18
Friday
October 2019
11:06 PM IST
News Headlines
Mentally-unstable man jumps inside lion enclosure in Delhi zoo, escapes unhurt        BSF jawan killed, 1 injured in firing by Bangladeshi troops along border in West Bengal        At least 35 people killed in bus accident in western Saudi Arabia        UK, EU hail new Brexit deal, but Parliament sign-off hangs in balance        Nearly 100 people injured in Catalonia unrest on Wednesday: Medics        Indo-Pak bilateral ties subject to approval from PMs of both countries: Ganguly        Aiden Markram ruled out of Ranchi Test with wrist injury        Indian challenge ends at Denmark Open        Aussie cricketer Watson apologies for 'illicit' social media posts        India's performance was no match to atmosphere at Salt Lake: Chhetri        High-level Indian, Bangladeshi delegations to meet next week        Adani Wilmar launches ready-to-cook ''Khichdi''        US House passes Hong Kong 'Democracy Act'        India halved its poverty rate since 1990s: World Bank        Senior Odisha BJP leader Damodar Rout quits party        Play school security guard arrested for sexually harassing toddler        What craziness has taken over UP govt: Priyanka on decision to remove home guards        Crime branch freezes Rs 18 crore in Maradu flat builders accounts        ODI rankings: Injured Smriti Mandhana loses number one spot        Indian cricket will continue to prosper under Ganguly undoubtedly: Laxman        
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Business News
Facebook to unveil new cryptocurrency
 
London: Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants.

The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of "blockchain" technologies such as bitcoin.

Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber.

The companies along with venture capitalists and telecommunications firms will reportedly invest around USD 10 million each into the consortium.

Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news.

The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said.

Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month.

Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers.

With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned.

WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal.

Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that.

Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week.

It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.


High-level Indian, Bangladeshi delegations to meet next week
Adani Wilmar launches ready-to-cook ''Khichdi''
Sebi levies Rs 30 lakh fine on 4 firms for fraudulent trading
HAL employees' strike continues, unions reject mgmt
Rupee slips 20 paise to 71.22 vs USD in early trade
SBI lowers rates on non-repo-linked loans by 10 bps
Sensex, Nifty cautious in early trade amid weak global cues, fund outflows
New IMF chief says trade tensions could cut global GDP by 700 bln USD
Sitharaman to inaugurate national tax e-assessment centre on Monday
FinMin to kick-start budgetary exercise from Oct 14
Andhra Bank opens SGB scheme 2019-20 Series-V
Migsun Group to invest Rs 900 crore on housing project in Ghaziabad
RBI rate cut to complement government's measures to boost growth: Finmin
RBI's rate cut reflects India's ambition to boost economic growth: Niti
Maruti Suzuki''s NEXA touches one million hearts
Rupee recovers from day''s lows, settles 20 paise higher at 70.87
34 functional teams to smoothen merger of UBI, PNB, OBC
PMC case: ICAI to check role of auditors
RCEP trade ministers to meet in Bangkok on Oct 10-12
Ashok Leyland sales dips 55 pc in Sep at 8,780 units
KERALA NEWS
Scribe's death:Kerala IAS officer's suspension extended
 Thiruvananthapuram: The Kerala government has extended the suspension of IAS officer Sriram Venkitar  
Kerala's CPI to discuss Vedas and Marxism in seminar
Kerala Assembly session from Oct 28
Rs 10,000-crore investments to flow into Kerala from Dubai
INTERNATIONAL NEWS
At least 35 people killed in bus accident in western Saudi Arabia
 Riyadh: At least 35 were killed and four others were wounded in a bus accident in the west of Saudi
UK, EU hail new Brexit deal, but Parliament sign-off hangs in balance
Nearly 100 people injured in Catalonia unrest on Wednesday: Medics
US House passes Hong Kong 'Democracy Act'
NATIONAL NEWS
Mentally-unstable man jumps inside lion enclosure in Delhi zoo, escapes unhurt
 New Delhi: A 25-year-old mentally-unstable man leapt into the enclosure of a lion at the Delhi zoo o
Senior Odisha BJP leader Damodar Rout quits party
Play school security guard arrested for sexually harassing toddler
What craziness has taken over UP govt: Priyanka on decision to remove home guards
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