Coingape - 7/10/2019 11:58:08 AM - GMT (+0 )
Crypto stance in India is still uncertain –though, it is said that cryptocurrencies are not legal tender in India, no rules have yet made that defined it as “an illegal form of currency/money”. Given the fact that Govt made it difficult for operators to operate crypto-related businesses within the country, the social media giant, Facebook is also planning not to launch Calibra or Libra in India now.
On July 10, 2019, report claiming that Facebook has no plans to launch Calibra digital wallet in India. It stated that Facebook’s spokesperson cited “regulatory scenarios of India” and wrote that;
“As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”
Just to note, Facebook currently has millions of users from India. In fact, data provided by statista (April this year) shows that India ranks #1 with 260 million users for Facebook, followed by United States, Brazil, Indonesia, Mexico, Philippines, Vietnam, Thailand, Turkey, and the United Kingdom.Source: Statista
Facebook’s response to the media’s query comes in the wake of India’s existing regulatory scenarios. However, we have seen “David Marcus, Calibra CEO,” wrote a quite positive response letter to US’s congressional committee on their request to halt Libra development until a further hearing. Mr.Marcus wrote that;
Coingape Discusses With Facebook’s Representative
” We want and need governments, central banks, regulators, nonprofits and other stakeholders at the table and value all of the feedback we have received”.
However, referring to a similar sentiment, Coingape discussed with Facebook’s representative Alexandru Voica. While Facebook is ready to discuss with US regulators then what stops it from discussing with Indian regulators about its plan of launching Libra. In a quick discussion with Mr.Voica, it has been revealed that the decision is quite true and it is merely based on the current legislative scenarios.
While we asked about Facebook’s future plan of collaborating with Indian regulators if it favors the crypto industry in the upcoming hearing, scheduled for July 23, this year, he states that;
Yes, we do want to engage with regulators and policymakers but I can’t speculate on ongoing, specific debates around legislation.
Although Mr.Voica didn’t specifically disclose about Facebook’s possible plan with Indian regulators in the near future, but it is clear that Facebook’s decision is based on the current legal frameworks only.
Given that, it is worth to add, Facebook is talking with the United States because Congressional committee itself questioned Facebook to study Libra in a more precise way and to restrict Facebook from creating any threat to the global financial system. On the other hand, India is yet to discuss possible regulations on crypto as a whole, and once it does, it might raise voice on Facebook over its Libra plan (based on the possible outcome of the crypto regulatory discussion in India )
So readers, what’s your take on Facebook’s plan of not launching Calibra in India.? Let us know in the comment below
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com