Facebook launched its crypto last month with the name Libra, but the path of Libra seems difficult for the Indian market. Believing Bloomberg’s report, the Indian government is not ready to give the green signal of Facebook’s Cryptocurrency libra to India. This would be a major setback for Facebook because India is the third largest economy in Asia.
In April last year, the Reserve Bank of India banned all kinds of crypto taxis in India. At the same time, in the draft of the restriction on cryptology and the official Digital Currency Bill, 2019, in the draft last month, it has been proposed that those who purchase and sell crypto- Jail will be punished. According to the draft, all those who prepare, sell, keep, and in any way deal with Cryptocurrency in its JD will come. In all these cases, if found guilty, there will be 10 years in jail.
India’s Economic Affairs Secretary Subhash Garg has said in an interview to Bloomberg that this digital currency of Facebook has not been fully explained, but whatever it is, it will be a private Cryptocurrency. However, Facebook has not made any statement on this matter yet.
Let us know that Facebook launched Digital Coin last month, which will be controlled by Libra Association and Calibra Wallet. Facebook has partnered with 27 companies for its Cryptoconcity Libra, which include companies like PayPal, Visa Uber.