Facebook Libra is not coming to India amid Regulatory Issues
Facebook Calibra is not coming to India. The company is seeking to halt its Libra coin operations in one of the largest Asian markets due to regulatory requirements.
Facebook says it Calibra, or Libra Cryptocurrency project doesn't adhere to the local regulation of India and for this, the project will not be launched in India.
The news came as a hit to India crypto users already battling the current regulation for Cryptocurrencies. With more than 310 Million users on Facebook, India is one of the largest markets for the social media giant.
Speaking to The Economic Times the Facebook representative said:
“There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”
India Crypto space is recently facing a lot of heat due to strict regulation from Reserve Bank of India (RBI) banning the use of Bitcoin and other Cryptocurrency. RBI statement is being challenged in the Supreme Court, and the case seems to remain pending for weeks to come.
India used to be one of the hottest markets for Cryptocurrency. Back in 2017 the local Crypto exchanges were booming and recording daily volume of more than a hundred million. However, to protect money laundering and other illicit practice using Cryptocurrencies the RBI issued a complete ban on its usage and purchase in early 2018.
Facebook Libra is also facing a similar situation elsewhere. While the company continues to make an effort to meet the regulatory requirement of different countries, it is still receiving letters from several ministries to halt its project.