Facebook scraps plans to launch its crypto wallet Libra in India

Facebook’s Calibra, a digital cryptocurrency wallet that goes hand in hand with Libra their new Cryptocurrency won’t launch in India any time soon. Calibra allows users to send and receive Facebook’s new Crypto.

This news came to surface following a Facebook spokesperson telling the The Economic Times (via CoinDesk) the following:

“No plans to offer Calibra in India, local restrictions within India that made a launch of Calibra not possible at this time.”

However, The Economic Times says that Facebook, is currently testing non-crypto-based payments through WhatsApp (owned by Facebook) in India.

Indian Government has been shying away from Cryptocurrencies ever since it rose in popularity. The government banned banks from using them in 2018 and are working on a law that would completely outlaw cryptocurrency use in any form within the country.

This in no means helps Facebook as India is the world’s second most populous country and contributes a huge proportion to Facebook’s User Base. Libra not being available to a large proportion of the audience doesn’t help the popularity and success chances of Facebook’s ambitious Crypto Project.

Libra is claimed to be non-volatile cryptocurrency that will launch on the Libra blockchain while Calibra is created and maintained by a Facebook subsidiary.

Both Libra and Calibra still in development with a launch planned for 2020.

Libra is controlled by a Switzerland-based consortium of organizations alongside Facebook. These organizations include Coinbase, Mastercard, PayPal, eBay, and many others.

Facebook entereing the Crypto Industry is game changer for the Industry as well as Blockchain Technology. Crypto Enthusiasts all over the World are hoping that this move helps the Technology get the mainstream audience it deserves. It will be interesting to see whether Libra can withstand losing access to a country like India which is amongst Facebook’s largest markets all over the world.

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