• Mon, 26 Aug 2019, 09:01 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Facebook's digital wallet Calibra may not be available in India: Report

Fri, 21 Jun 2019, 07:26 am UTC

Facebook’s new cryptocurrency project Libra may not be made available in India, as the country’s existing regulations prohibit the use of banking network for blockchain currency transactions, the Economic Times reported.

As per the report, one insider said that Facebook’s forthcoming digital wallet Calibra will not be offered in markets “where cryptocurrencies are banned or Facebook is restricted from operating in.”

Another anonymous source revealed that the social networking site has not applied its cryptocurrency to the Reserve Bank of India (RBI). The RBI did not deny or confirm the report.

However, a spokesperson from Facebook said, “We expect Calibra to work on WhatsApp and be available globally.” According to Statista, India has 400 million WhatsApp users.

But earlier this week, TechCrunch reported that a Facebook spokesperson underscored that although the Libra Blockchain will be global, Calibra “won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies” including China, North Korea, Iran, and potentially Facebook’s largest market India.

The report noted that this may cause confusion since WhatsApp is already offering WhatsApp Pay, a person-to-person payment service platform only available in India.

Just hours after the release, Facebook’s Libra whitepaper was met with global oppositions. Recently, U.S. House of Representative’s Financial Service Committee chairwoman Rep. Maxine Waters requested that Facebook pause the development of its blockchain project.

The United States Senate Banking Committee has also scheduled to conduct a hearing on the Libra project on July 16.

In a press conference on Wednesday, U.S. Federal Reserve chairman Jerome Powell said that although Libra intends to solve some issues cryptocurrencies face, Facebook’s group, which include Visa, Mastercard, Paypal, and Uber, needs to address and overcome other issues before Libra can be made available worldwide.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,348.30 (+2.18%)
  • Ethereum (ETH) $190.49 (+0.06%)
  • XRP (XRP) $0.271200 (-0.55%)
  • Bitcoin Cash (BCH) $312.30 (+1.33%)
  • Litecoin (LTC) $74.02 (+0.86%)
  • Bitcoin (BTC) $10,348.30 (+2.18%)
Aug 26, 2019 (Monday)
US lawmaker’s concerns on Facebook's crypto remain unresolved even after meeting with Swiss regulators
Brave Browser expands token tipping service to Vimeo, Reddit users
Craig Wright again tries to prove authorship of Bitcoin white paper
Crypto startup Circle eyes $100M fundraise for its crowdfunding arm SeedInvest
BitPay, Blockchain.com team up to offer a new way of bitcoin spending
Binance offers lifetime VIP membership to hack victims, blames KYC vendor for image leaks
Aug 23, 2019 (Friday)
Stablecoin project Terra receives funding from HashKey Capital
Three of the founding members of Libra Association consider backing out: Report
Overstock's Patrick Byrne steps down as CEO
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
BitGo announces support for multi-signature EOS wallet and custody services
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
Crypto exchange Coincheck mulls launching IEO Platform
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.