Libra, the new cryptocurrency currently co-owned by 27 corporates and investors including Facebook, Visa, Uber and Ribbit Capital; may not be launched in India as per the recent report by The Economic Times. It sounds like a dismal to see the world enjoying the benefits of this next-gen cryptocurrency while India mourns over the crypto-ban.
According to The Economic Times report, Facebook’s digital wallet Calibra which will be used to make Libra transactions will not be launched in the countries where cryptocurrencies or Facebook is not allowed to operate.
The Economic Times earlier stated that India will be one of the world leaders of the blockchain industry by 2023. Such a claim seems futile when you look into the current state of blockchain in India.
JOIN US TO STAY UPDATED ON YOUR FAVORITE MESSENGER APP!
It is really disappointing that the Indian government is aggressively laying efforts to wipe out cryptocurrencies and the institutions operating it instead of drafting proper regulations. Having said that, Libra is not just another cryptocurrency, but a complete blockchain system governed by an association of 27 world leaders and this number will reach 100 before the launch.
ⓘ Interesting Read: Startup Glossary – 40+ Startup Terms Every Startup Founder & Entrepreneur Should Know
Facebook is yet to file any application with the Reserve Bank of India (RBI) for its cryptocurrency. Let’s just keep fingers crossed till then.
ⓘ As part of our ongoing support for startups and SMEs, LAFFAZ Media publishes feature and resource articles that may include references and links to external websites. These inclusions are selected at our editorial discretion to provide valuable information to our readers. LAFFAZ Media does not control, endorse, or assume responsibility for the content or practices of external websites. For more details, please refer to our Terms and Conditions.
