Listen : Audio version of this article
Facebook’s cryptocurrency, Libra, which was unveiled on Tuesday, will supposedly not take off in India. Sources suggest that this may be due to the current regulations not permitting the usage of the banking network for blockchain currency transactions.
However, Facebook’s digital wallet, Calibra will, however, work on Whatsapp in India. The source also suggests that Facebook hasn’t filed an application with RBI (Reserve Bank of India) for its cryptocurrency in India. The social networking site’s wallet will not work in places with cryptocurrencies are banned.
Recently in April this year, RBI has passed a three month target time until virtual currencies are banned in India, due to further risks in the country. This brings confinement not just to libra currency, but all the other digital wallets too.
Former PayPal president David Marcus is the co-builder of the cryptocurrency. “Being able to use mobile money can have an important positive impact on people’s lives because you don’t have to always carry hand cash, which can be very unsafe, or pay extra fees for basic transfers,” said CEO Mark Zuckerberg in a public post on his Facebook profile. “We tend to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos,” he added on the occasion of the launch event.
Facebook looked forward to this currency in India as the usership is quite a lot than huge in the country, which also adds up to offer seamless payments with less efforts. The libra blockchain is also asingle data structure that records the transactions made and helps users look them up over time. This makes it a blockchain cryptocurrency without any actual blocks thereafter.
Regardlessly, Calibra will come with a local currency converter, reducing the complications in foreign exchange. The company has set up partnerships with Visa, Mastercard, Uber, and 25 other companies and expects to get tied with 100 companies till its release.