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Meta Plans Virtual Currency

The Financial Times reported on Wednesday 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, which is said to be in the early stages, comes as Meta expands its focus on services centered on the metaverse, a virtual world where people socialize, work, and play.

If adopted, it could also provide Meta with a new revenue stream and 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, which cited persons familiar with the situation, Meta’s currency, internally dubbed “Zuck Bucks,” is meant for the metaverse and may not be based on blockchain.

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.

According to the company, the app for the exchange will now be available in India, which 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 required for Coinbase onboarding. The Indian central bank regulates UPI (Unified Payments Interface), an immediate real-time payment system that allows peer-to-peer and person-to-merchant transactions.

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