Facebook will not launch Libra in India

Facebook will not launch Libra in India

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The social network is discussing with the local regulators the possibility of amending legislation to remove the central bank’s restrictions for its blockchain project.

The Libra cryptocurrency and Calibra wallet will not be represented in India, a Facebook spokesman said in an interview with The Economic Times. The blockchain project will not be able to operate in the country due to regulatory restrictions imposed by the local central bank in the summer of 2018.

“There are no plans to offer Calibra in India,” an unnamed Facebook spokesman said, effectively ruling out the rollout of its Libra cryptocurrency in the country. “As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”

Facebook representative in London, Alexandru Voica, added that Calibra will respect the law, so the company is now discussing with the local regulators the possibility of amending the law. Voica stressed that the blockchain project has various uses in the areas of smart contracts, supply chain management, etc., and is not limited to cryptocurrency.

 

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