Facebook unveiled its audacious Libra cryptocurrency and Calibra digital wallet on Tuesday through which it plans to transform financial services across the globe. The social juggernaut made clear of its ambitions when it said that it wishes to empower more than 1.7 billion people around the world who currently do not have a bank account.
But potentially an equally large group of people would not be able to use Facebook’s new digital payments service when it begins rollout next year.
Responding to queries from TechCrunch, a Calibra spokesperson said that the digital wallet will not be rolling out to a number of markets that have taken a stand [...]
Rumors have swirled for some time about a Facebook cryptocurrency and now it’s official. It’s called Libra and its lofty mission is similar to that of other digital currencies that have come before it, to “reinvent money” and “transform the global economy.” At the same time, Facebook is sharing the wider plans for Calibra, a newly-formed subsidiary in charge of blockchain and financial services products going forward.
Calibra’s first order of business is a digital wallet product that will exist as a standalone app as well as within Facebook Messenger and WhatsApp, due for launch in 2020.
The Securities and Exchange Commission has sued Kik Interactive for the $100 million token sale the company announced two years ago.
It’s an expansion of legal actions that began last year as the SEC seeks to rein in companies that the regulatory agency thinks issued securities illegally.
In the lawsuit, the SEC claims that Kik conducted an illegal $100 million offering of digital tokens by selling the tokens to U.S. investors without registering their offer and sale as required under U.S. law.
The complaint alleges that Kik had been losing money for years on its online messaging application and that the company’s management predicted [...]