Facebook Decides not to Offer Libra in India

Asia Blockchain Review
July 20, 2019

A Facebook spokesperson recently announced that the social networking firm has decided not to launch its Libra token in India, due to strict regulations against cryptocurrencies and crypto activities by the Indian government. 

A report by The Economic Times quoted the spokesperson as saying, “There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.” 

According to Facebook’s Newsroom, Calibra is “a newly formed Facebook subsidiary whose goal is to provide financial services that will let people access and participate in the Libra network.”

Crypto Exchange Businesses Fall Apart in India

With strict regulations launched by the Reserve Bank of India (RBI), including the ban on dealing in cryptocurrencies, operating Libra would be virtually impossible in India. As previously reported, the draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 proposed a 10-year jail sentence for people who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies”.

Such regulatory pressure has forced several major crypto exchanges in India to shutter their business, claiming it is now impossible to operate a crypto exchange in the country. 

Facebook Says It Respects Indian Crypto Regulations

Facebook representative Alexandra Voica said that “Calibra will respect the legislation, but we are looking to work with regulators to see if the legislation can be updated.” Although India is Facebook’s number one market, the situation has forced the company to scale back its crypto ambitions at this time.

Voica added that Facebook will be working with the governments all over the world for both the Libra cryptocurrency and Calibra digital wallet. He said that the Libra blockchain project is not just about cryptocurrencies, but has other uses as well, such as supply chain management and smart contracts.

Libra has been touted as a rival to Bitcoin, the first and largest cryptocurrency, and has attracted regulatory scrutiny from several governments, including the United States.

Source: https://www.coindesk.com 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    UnionBank Inks Talent Development Program With SMU
    The partnership with SMU’s Institute of Innovation & Entrepreneurship will immerse the SMU students ...

    June 5, 2020

    Malaysia’s Economic Battle Is Just Getting Started
    ASIA BLOCKCHAIN REVIEW decided to catch up with George Koshy, for his perspective on Malaysia's Gove...

    June 5, 2020

    Vottun’s CEO Gives Us His Take
    We recently caught up with Rohan Hall, Founder/CTO/CEO Vottun USA for his thoughts on things. This i...

    June 4, 2020

    SAP Malaysia’s MD Lays Out His Vision
    It's always a great privilege to talk to C-level executives, Asia Blockchain Review recently caught ...

    June 3, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us