Meta Plans Virtual Currency

On Wednesday, the Financial Times reported that Meta Platforms Inc (FB) is preparing plans to bring virtual tokens and cryptocurrencies to its family of apps to use such virtual tokens for rewarding creators, lending, and other financial activities.

The move is in the early stages; it came as Meta expanded its focus on services centered on the metaverse. The metaverse is a virtual world where people socialize, work, and play.

If adopted, it could also provide Meta with a new revenue stream; moreover, it will bring more control over transactions across its suite of apps and services, including Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform.

According to the FT story, Meta’s currency, internally “Zuck Bucks,” is for the metaverse and may not work on blockchain.

Furthermore, Meta might offer in-app tokens that \ centralized by the firm and could be used to compensate popular Instagram creators or reward those who make noteworthy contributions to Facebook groups.

Crypto Trading Services

Moreover, according to the company, the app for the exchange will now be available in India; the country announced the news during an event in Bengaluru, India’s innovation powerhouse. By trade volume, Coinbase is the second-largest cryptocurrency exchange in the world.

Coinbase’s co-founder and CEO, Brian Armstrong, who has been in India for the past three weeks, first declared that the business is making a “long-term investment” in the country. Surojit Chatterjee, the company’s Chief Product Officer, later showcased the exchange’s user onboarding.

The news comes as India prepares to impose additional crypto taxes. The law imposes a 30% tax on earnings from cryptocurrency transactions, which went into force on April 1st, and other provisions. Setting up a UPI payment method is a requirement for Coinbase onboarding. Moreover, The Indian central bank regulates UPI (Unified Payments Interface). This immediate real-time payment system allows peer-to-peer and person-to-merchant transactions.