Due to uncertainty surrounding India’s cryptocurrency markets, Facebook won’t be launching its cryptocurrency Libra in India. Apart from India, Techcrunch won’t be launching in countries where Facebook has no presence, like China and countries that are under sanction by the US government.
In 2018, India’s Central Bank, the Reserve Bank of India, stopped banks from serving cryptocurrency businesses. In May 2019, it was found that the government is working on a draft bill to ban cryptocurrencies in India, with a 10 years jail for dealing in cryptocurrencies.
Amidst uncertainty about cryptocurrencies in India, Facebook has announced that they won’t be launching Libra payments in India. It was announced previously that Facebook’s cryptocurrency would be targetting Whatsapp users in India but India already has a good infrastructure for mobile payments through government’s UPI (Unified Payment Interface) which allows for easy bank transfers through mobiles.
Facebook’s Libra is designed to be integrated with all Facebook applications – Facebook, Instagram, and Whatsapp to provide real-time cross border payments.
Due to the control of Facebook over Libra, critics point out that Facebook’s cryptocurrency is not a cryptocurrency at all but a centralized repository disguised as a cryptocurrency. Many countries such as France and Russia have called for the ban of Facebook Libra.
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