Facebook says it won't launch its crypto wallet in India

Marco Green
July 11, 2019

Xiaochuan Zhou, former Governor of the People's Bank of China [PBoC], gave his views on how Libra and trends in similar cryptocurrencies might affect major traditional currencies of the world.

The social media giant's new cryptocurrency Libra has gotten an early shock from the Indian government.

Libra, which will be officially unveiled next year, has already provoked a lot of backlash and many regulators worldwide warned it might face strict regulation if it actually takes off.

However, the RBI's order is now being disputed in India's supreme court. It seems like the government has made a decision to stop Calibra digital wallet and Libra cryptocurrency from entering into the Indian market.

However, The Economic Times says that (non-crypto-based) payments through WhatsApp, which is owned by Facebook, are now being tested in India.

"Design of the Facebook currency has not been fully explained", India's Economic Affairs Secretary Subhash Garg told Bloomberg on Saturday.

Even though past year, there were plenty of speculations pointing out to India being the first country where Facebook´s digital asset would be rolled out, the latest reports are taking that possibility off the table.

Facebook has in excess of 300 million users in India at present and Whatsapp boost in excess of 400 million.

"Calibra will respect the legislation", said Facebook representative Alexandru Voica.

That being said, Facebook's Libra project will have to settle for an eye on the outside of the market for now, in light of India's regulatory issues towards crypto.

Calibra, on the other hand, is the name of the wallet which will be created and maintained by a Facebook subsidiary. But didn't inform whether the country India is in the list or not.

"While the project's sponsors hold out the possibility of public benefits, Libra raises serious concerns regarding privacy". The Indian Government will ensure that Libra doesn't get launched in the country and now the social media giant has declared its plans not to launch Crypto in India. Facebook is planning to launch it in 2020. Let's see if Facebook will launch in India or not in the future.

Other reports by Click Lancashire

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