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Tech pioneer Bill Gates praised India’s policies for financial innovation and inclusion, saying his philanthropic foundation is working with other countries to roll out open-source technologies modeled on the country’s implementation.

Libra is distancing itself from Facebook not only through a name change, but also by attempting to draw attention toward its digital payment rail instead of the creation of alternative money.

India allowed Facebook Inc. to start operating its WhatsApp payments service in the world’s biggest open technology market.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

Facebook's size and aggressive moves into mobile wallets and stablecoins pose a formidable threat to other big technology companies and traditional payment networks, says Intrepid Ventures' Eric Grover.

It was an attention-grabbing decision when Facebook hired PayPal's president, David Marcus, in 2014. At the time, Facebook didn't have much of a dedicated payments business to speak of; when people thought of spending money on Facebook, they typically thought of in-app purchases in Farmville.

For ‘big tech’ bundling is the new battle — and a driving factor for Facebook, which is corralling several of its commerce divisions to show its substantial network of users how much they can do without leaving the social network.

Facebook Inc. unveiled a new group to pursue payments and commerce opportunities and put David Marcus, co-creator of its Libra cryptocurrency project, in charge of the initiative.

India’s antitrust watchdog is reviewing Facebook Inc.’s purchase of a 10% stake in Reliance Industries Ltd.’s digital assets, a deal that would give the U.S. giant another foothold in one of the world’s fastest growing internet markets.

Facebook Inc. has renamed its blockchain division, called Calibra, to distance it from the Libra digital currency that Facebook created. The blockchain team is building a digital wallet for Facebook’s apps, which will eventually hold the Libra digital currency, but Facebook won’t control the coin.