Facebook’s Crypto Libra May Kill Launch in India, Its Biggest Market: Report

India's crippling crypto laws by effectively keep Facebook from launching its cryptocurrency, Libra, in the nation, according to a report. | Source: AP Photo/Jeff Chiu

By CCN Markets: Facebook’s cryptocurrency Libra is expected to change the way payments are made across the globe when it launches next year, but there’s one market that the social media giant might be giving a miss – India.

The Economic Times, India’s biggest business daily, reports that Libra will not be available in India, citing people with direct knowledge of the matter:

“The social network’s digital wallet, Calibra, won’t be available in markets where “cryptocurrencies are banned or Facebook is restricted from operating in,” the person said. “Facebook has not filed any application with RBI (Reserve Bank of India) for its cryptocurrency in India,” said a second person aware of the matter. RBI did not respond to queries from ET.”

This, despite a previous report that Facebook specifically picked India as the launch market for its cryptocurrency.

Facebook’s Secret Cryptocurrency Led by PayPal Alumni Just ‘Months Away’ from India Launch https://t.co/YfEzcEdux3

— CCN Markets (@CCNMarkets) May 9, 2019

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