India and cryptocurrencies can never go together. Again this statement is going to prove as true. According to hearsays, Facebook crypto Libra has no plans to arrive in India. The country has no permit to allow the use of cryptocurrencies. Libra crypto wallet Calibra will not be available in the regions that don’t permit crypto. However, the crypto may be available globally as a payment tool in WhatsApp.
Usually, Facebook has to file for permission with RBI if it wants to introduce Libra in India. However, according to various sources, this is not likely to happen due to the bleak scenario of crypto in India. Already the Indian government is in discussions to ban all kind of cryptocurrencies in the nation. Certain banks in India have also issued a notice to the users to clarify in case, their account has involvement in crypto transactions.
Libra is the upcoming cryptocurrency of Facebook. Recently, the whitepaper of Libra was released. This stablecoin will be based on Libra blockchain. It will act as a payment tool for WhatsApp, Instagram, and Messenger. Facebook claims that Libra will empower the life of billions providing simpler and easier means of transaction.
However, post the release of white paper, Facebook’s initiative Libra is seeing a wave of opposition from major socialites and government agencies citing privacy concern. Only time will tell how secure is Libra and whether it is useful for day-to-day use.