Facebook may not Launch Libra Cryptocurrency in India

Facebook may not Launch Libra Cryptocurrency in India
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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.

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.

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.

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Pradeep Singh

Former CTO at LAFFAZ. A full-stack developer, possessing 6+ years of experience in working closely with tech startups in India and UAE.

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