Facebook will not launch Libra in India due to regulatory issues

The company Facebook said that due to existing regulatory restrictions will not run its digital wallet service and cryptocurrency in India.

In an interview
Facebook representative told The Economic Times

“We are not planning to launch Calibra in India yet.” As you may know, in India there are local restrictions that make launching Calibra impossible at the moment. ”

An unnamed company representative most likely refers to the Central Bank of India (RBI) circular, which in April last year effectively banned
banks to provide services to firms related to cryptocurrencies. Since then, several leading indian stock exchanges have closed, citing the RBI restriction.

RBI order challenged
in the Supreme Court, but the case seems to be in limbo pending any regulation by the government. During the last hearing, the government stated that the committee had reached the final stage of the regulatory discussion. At the end of last year, there was information that India was considering
the possibility of legalization of cryptocurrency, subject to their strict regulation, and in January, the Central Bank of the country said that cryptocurrency does not threaten global financial stability.

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India is one of the largest markets for Facebook, but Calibra is planning to take care.

“Calibra will respect the law,” Facebook’s London spokesman Alexandru Voica said in an interview with The Economic Times, adding that the company is keen to work with local regulators to see if legislation can be amended.

Although the project is still at an early stage, the Libra Association is talking to “potential partners” around the world, Wojc said, hinting that there may be other uses for Calibra in India:

“Our blockchain project has many uses: in the area of smart contracts, supply chain management, etc. It is not just for cryptocurrency. ”