Economy

Facebook Cancels Calibra in India, Thanks to Govt's Crypto Loathing

Facebook Cancels Calibra in India, Thanks to Govt's Crypto Loathing”

The government of Asia's third-biggest economy is not excited about Facebook's crypto project or any digital currency that preceded it.

As per the official statement was given by a Facebook official staff, there are no such plans to introduceCalibra in India. "But whatever it is, it would be a private cryptocurrency, and that's not something we have been comfortable with". However, litigation challenging the RBI's ban is underway before the Supreme Court of India.

The financial boycott has constrained practically the majority of the exchange companies in the industry in the nation which has led to them closing down their business or having to move somewhere else.

The US Federal Reserve has created a "working group" that is coordinating with government agencies and other central banks to consider the implications of Facebook's planned virtual currency Libra, chairman Jerome Powell said Wednesday.

It is also speculated that a top government panel is devising a cryptocurrency legislation that could completely ban crypto, with prison sentences in store for lawbreakers. So, this is not possible for Facebook to introduce its Calibra in India. The numbers are relied upon to increase further over the coming years, as per statista.

However, Facebook is trying to work with countries' regulators to see if it can get a chance to cover more markets.

Voica also said that Facebook will be in contact with the Government all across the world for both Libra cryptocurrency and Calibra digital wallet.

Despite the rumors describing a collaboration between WhatsApp and Facebook to launch a private token in their largest market, it appears as if the now on-pilot payments service for the instant messaging platform will be the only solution of the kind available to Indian users.

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.

"The blockchain project has multiple uses in smart contracts, supply chain management, and so on - it's not just for cryptocurrencies".



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