Due to legal restrictions in India, the government there may block the new Facebook cryptocurrency - Libra.
More rumours about Libra
The Indian newspaper The Economic Times
tells the story of a person who is supposed to be close to the whole case, saying that Libra will not be available in India. It will be available for use in 2020, but more information is coming to light. It has aroused considerable scepticism among American politicians, their main argument is imprecise legal regulations.
This can be a big problem for Facebook itself. When reports about Libra appeared, it was said that Mark Zuckerberg's most valuable aim is India. The local market seems to be a tasty morsel in terms of revenues. Anyway, the second of The Economic Times
reports quotes analysts from the Jefferies Financial Group
The creators of the Libra project will count on permanent and rapid increases in emerging markets, and in particular on continued success in the Indian market.
However, the electronic wallet project, Calibra
, will not be available in countries where cryptocurrency or Facebook is banned or unavailable. If this is the case, users in China will also have reasons to be disappointed in the whole new project of the giant social media. Facebook
employees, however, are confident that Calibra will work with WhatsApp
, and will, therefore, be available worldwide.
Negotiations with India?
It may be necessary to talk with representatives of Indian state officials, but - at least for now - such negotiations have not taken place.
If Facebook wanted to make Libra a closed system - operating within its own network - the central bank should not have a problem with it. Then the coin will not be connected with the external economy. If the plans are different, the bank will have the full right to be interested in this matter.
Said Anirudh Rastogi, founder of Ikigai Law
, dealing with the legal aspects of technology.