Facebook Says It Won't Launch Crypto in India Due to Regulatory Issues

Regulators must hold Facebook to its word to live upto Libra's structure Wall Street veteran

The PBOC is paying "high attention" to Libra, according to Wang Xin, director of the bank's research bureau.

"If Libra is widely used for payments, in particular, cross-border payments, will it be able to function as a currency and, accordingly, will have a big impact on monetary policy, financial stability and the worldwide monetary system?"

As reported Libra is backed by a combined basket of assets and currencies, which likely includes the US Dollar.

Wang confimed that the PBoC had been working with market institutions on developing its central bank digital currency, according to the report.

Also, Libra will be backed by several fiat currencies with the USA dollar at the core.

Beijing, in particular, is anxious that US-controlled digital currency might undermine its financial sovereignty.

While Facebook continues to make efforts to meet the regulatory requirements of different countries where it wants to offer its digital currency services, the company recently received an official letter from the US Congress to stop Libra.

He said that if Libra can be successfully launched, it may challenge the existing United States dollar-centered worldwide monetary system, a possibility that must be closely monitored. "If so, it would bring a series of economic, financial and even global political consequences".

What do think about China's proposed digital currency?

And with Facebook having stated that one of the goals of Libra is to enhance access to financial services for the unbanked, being locked out of India would deny Facebook the second-largest market in the world, by virtue of the unbanked population residing there.

Some experts suggested launching a Chinese version of Libra, using Facebook as a reference, to compete in the global cryptocurrency race, and they said the Chinese digital currency also could be used domestically. "China will push forward the establishment of unified standards and regulatory rules", said Wang.



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