Facebook´s Libra will not be launching in India due to regulatory concerns

10 Jul, 2019
by Alberto Arnaldo
News
Facebook´s Libra will not be launching in India due to regulatory concerns

Even though last year, there were plenty of speculations pointing out to India being the first country where Facebook´s digital asset would be rolled out, the latest reports are taking that possibility off the table.

According to Bloomberg, a spokesman for Zuckerberg’s firm replied the following via email:

“There are no plans to offer Calibra in India […] there are local restrictions within India that made a launch of Calibra not possible at this time”.

Despite the rumors describing a collaboration between WhatsApp and Facebook to launch a private token in their largest market, it appears as if the currently on-pilot payments service for the instant messaging platform will be the only solution of the kind available to Indian users.

Besides the Royal Bank's contrarian position, with frequent warnings towards investing in digital assets, India has one of the most restrictive legislations towards cryptocurrencies in place, a hurdle which might be hindering back innovation in a growing field which the tech-savvy local workforce could very much profit from.

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