"People's trust is what Libra or any other cryptocurrency can not steal from banks". It is said that the new cryptocurrency will be a major competitor of the best cryptocurrency, Bitcoin. The reason behind this is the strict rules and regulations issued by the country for the cryptocurrency.
The Supreme court might challenge the RBI order; however, the case can be in limbo pending, requiring some direction from the Government. It seems like the government has chose to stop Calibra digital wallet and Libra cryptocurrency from entering into the Indian market. Besides, Facebook has no such plan to launch Calibra in India in future.
Even though previous 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.
"Design of the Facebook currency has not been fully explained", India's Economic Affairs Secretary Subhash Garg told Bloomberg on Saturday. So, this is not possible for Facebook to introduce its Calibra in India.
On the other side, Alexander Voica stated that Calibra respects the legislation.
While Facebook's old motto may have been to "move fast and break things", in India the social media giant is taking a completely different approach with regards to Libra.
As the world's second most populous country and one of Facebook's largest markets, India is tremendously important for Facebook, especially in the context of Libra, which could be used for remittances.
With Libra previously confronting confrontations from government authorities over the globe, an automatic "no" from the Indian government should kill Facebook's digital money aspiration in its earliest stages. So, launching Libra in India can bring a lot of benefits.
Even though the project has just been launched, the Libra Association is looking to strike partnerships worldwide, said Voica, suggesting that Calibra might provide people with other useful functions in India.
India is the social media giants biggest market and, now the company is planning to launch WhatsApp subsidiary's payment service for around 1 million people, states today's report.
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