Technology
Facebook says it won’t launch its crypto wallet in India
Facebook’s Calibra — a digital cryptocurrency wallet that will let users send and receive the recently launched cryptocurrency Libra — probably won’t launch in India any time soon.
A Facebook spokesperson told The Economic Times (via CoinDesk) that the company has “no plans to offer Calibra in India” due to “local restrictions within India that made a launch of Calibra not possible at this time.”
India doesn’t look very favorably upon cryptocurrencies, having banned banks from using them in 2018 and presently mulling over a law that would completely outlaw cryptocurrency use in the country.
As the world’s second most populous country and one of Facebook’s largest markets, India is tremendously important for Facebook, especially in the context of Libra, which could be used for remittances.
However, The Economic Times says that (non-crypto-based) payments through WhatsApp, which is owned by Facebook, are currently being tested in India.
Libra is a non-volatile cryptocurrency that will launch on the Libra blockchain, controlled by a Switzerland-based consortium of organizations which includes Facebook, Mastercard, PayPal, eBay, Coinbase, and others (see a detailed overview here).
Calibra, on the other hand, is the name of the wallet which will be created and maintained by a Facebook subsidiary.
Both Libra and Calibra are in early stages of development at this point, with a full launch planned for 2020.
-
Business7 days ago
Former top SpaceX exec Tom Ochinero sets up new VC firm, filings reveal
-
Business7 days ago
Tesla layoffs hit high performers, some departments slashed, sources say
-
Entertainment7 days ago
ChatGPT vs. Gemini: Which AI chatbot won our 5-round match?
-
Business6 days ago
Consumer Financial Protection Bureau fines BloomTech for false claims
-
Business4 days ago
Langdock raises $3M with General Catalyst to help businesses avoid vendor lock-in with LLMs
-
Entertainment4 days ago
What Robert Durst did: Everything to know ahead of ‘The Jinx: Part 2’
-
Business6 days ago
Klarna credit card launches in the US as Swedish fintech grows its market presence
-
Entertainment3 days ago
This nova is on the verge of exploding. You could see it any day now.