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Facebook has reportedly not applied for approval to operate its cryptocurrency in India with the RBI
Facebook’s newly announced cryptocurrency, libra, may not be available in India due to the current ban of blockchain-based currency transactions, as stated in a report by local publication The Economic Times on June 20.Citing people familiar with the matter, the report says that the social media giant has not applied for approval with the Reserve Bank of India (RBI) to operate its digital currency in the country.As Cointelegraph reported yesterday, a Facebook spokesperson has underlined that Facebook’s digital wallet, Calibra, “won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” potentially preventing its use in some of Facebook’s largest markets, including India.The Economic Times notes that RBI has not confirmed or denied the allegations.Anirudh Rastogi, founder at local tech-focused law firm Ikigai Law, suggested that the RBI would not be concerned about Facebook’s Libra if the project was operating in a closed peer-to-peer (P2P) system.…
