HomeBusinessFacebook has no plans to offer Calibra in India

Facebook has no plans to offer Calibra in India

Due to cryptocurrency restriction from the Indian government Indians won’t be able to use Facebooks new Calibra app. Facebook is not planning to push the app in India. The Calibra company is a subsidiary of Facebook, Inc. Calibra operates independently from Facebook. And Libra is a global cryptocurrency built on the foundation of a blockchain (the Libra Blockchain). Libra is fully backed by the Libra Reserve, a collection of currencies and other assets used as collateral for every Libra that is created, building trust in its intrinsic value.

As per now cryptocurrency is not illegal in India but the government doesn’t recognize cryptocurrency as legal tender or currency and will take measures to eliminate the use of these crypto assets in financing illegitimate activities or even as part of the payments system. In Q1 of 2018 India’s central bank, the Reserve Bank of India announced a ban on the sale or purchase of cryptocurrency for entities regulated by RBI. In 2019, a petition has been filed with the Supreme Court of India challenging the legality of cryptocurrencies and seeking a direction or order restraining their transaction. But the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” draft has proposed 10-year prison sentence for persons who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies. This is still a draft and may or may not pass.

“Calibra will respect the legislation,” said Alexandru Voica, a Facebook representative in London said by telephone. “But we are looking to work with regulators to see if the legislation can be updated.” India has the biggest share of users on Facebook and Whats app and the Company is preparing an E-Wallet system for the country in its Whats App just like We-Chat for China. If the pending decision on the law on cryptocurrencies turn out good, we might see all this change and Indian users get Calibra, but the chances of that are slim.

Akshay Varma
Akshay Varma is a senior Journalist with Mass Media Communications Degree from Aurora Degree College. He writes mostly on Movies and Trending Topics


Please enter your comment!
Please enter your name here

Most Popular