Sunday, 08 December, 2019

Indian government skeptical of Facebook’s Libra

Bitcoin Indian government skeptical of Facebook’s Libra
Ginger Lawrence | 10 July, 2019, 15:01

As we slowly draw nearer to the launch of the Facebook's cryptocurrency project, the social media giant has revealed that it will not render its digital currency services in India, its largest audience, due to the regulatory war against cryptocurrency in the country. Data from Statista shows that the number of Facebook users in India is expected to reach 444.2 million by 2023.

Follow Trijo News on Facebook, Twitter and Instagram. "But whatever it is, it would be a private cryptocurrency and that's not something we have been comfortable with". While the Reserve Bank of India has placed restrictions, the government is drafting a law with stringent penalties on their use.

Cut off from their fiat money supplies, some Indian exchanges immediately jumped ship and moved overseas while others downsized and launched court challenges hoping to have the banking ban lifted. When it dispatches in 2020 or later, it will be a stable coin that is advanced cash that does not change much since it's supported by setting up government-sponsored monetary forms and protections.

A high-level government panel is also said to be working on cryptocurrency legislation that could possibly ban the use of crypto outright, reportedly even handing down prison sentences to those breaking the rule.

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"There are no plans to offer Calibra in India", a Facebook spokesman said in an email, effectively ruling out the rollout of its Libra cryptocurrency in the country.

The hearings come at a pivotal time for Facebook, which already faces distrust in Washington over its power, major data breaches and a Russian hijack of its platform during the 2016 USA presidential election campaign.

According to Bloomberg, about three weeks ago, Jefferies Financial Group Inc, "said Facebook's Libra will be counting on continued explosive growth from emerging markets and especially India to succeed". Per the World Bank's statistics compiled two years ago, 11 percent of the world's unbanked live in India.

Caixin published similar comments on Libra from Mu this weekend.