According to the Facebook-owned company, users can make use of the new feature to know what is actually happening in their environment and find some related stories.
Location stories are made available on iOS and Android whereas, hashtag stories will start rolling out in the next week.
After updating to the latest version of the app, you can find a new story ring located at the top of Explore tab. It consists of all the stories near you. All those stories are from friends who used location stickers while uploading their stories.
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However, if you do not want Location or Hashtag to appear publicly, Instagram will cover you. For this purpose, click on the X on your stories viewer list and the story will not appear in explore.
A similar feature was launched by SnapChat two months ago.