hometechnology NewsRBI, government not keen on allowing Facebook’s cryptocurrency Libra in India, says report

RBI, government not keen on allowing Facebook’s cryptocurrency Libra in India, says report

RBI, government not keen on allowing Facebook’s cryptocurrency Libra in India, says report
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By CNBC-TV18 Jul 9, 2019 7:59:35 AM IST (Published)

The government is not keen on allowing Facebook Inc's digital currency Libra in India, reported ThePrint.

The government is not keen on allowing Facebook Inc's digital currency Libra in India, reported ThePrint.

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While the Reserve Bank of India has placed restrictions, the government is drafting a law with stringent penalties on their use, said the report.
“Design of the Facebook currency has not been fully explained,” Economic Affairs Secretary Subhash Garg told ThePrint in an interview on Saturday. “But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.”
Sensing a multi-billion dollar opportunity to improve the cross-border payments system, Facebook has announced to launch its own digital coin called 'Libra' next year.
The new digital wallet for 'Libra' currency would be available in Facebook Messenger, WhatsApp and as a stand-alone app in 2020.
Facebook has tied up with 27 organisations around the world to start the non-profit Libra Association to create the new currency.
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