Facebook’s recently proclaimed cryptocurrency, Libra, might not be out there in India because of the present ban of blockchain-based currency transactions, as declared during a report by local publication The Economic Times on June 20.

Citing individuals familiar with the matter, the report says that the social media large has not applied for approval with the reserve bank of India (RBI) to operate its digital currency within the country.

As Top Market Group reported yesterday, a Facebook spokesperson has underlined that Facebook’s digital wallet, Calibra, “won’t be offered in U.S.-sanctioned countries or countries that ban cryptocurrencies,” probably preventing its use in a number of Facebook’s largest markets, together with India.

AnirudhRastogi, the founder at local tech-focused house Kigali Law, recommended that the RBI wouldn't be concerned regarding Facebook’s Libra if the project was operating during a closed peer-to-peer (P2P) system. On the other hand, if the digital currency was able to interact with the external economy, then it'll be “exactly the sort of digital quality that issues RBI,” Rastogi declared.

Facebook released a written report for its Libra cryptocurrency project on June 18. per the paper, Libra won't be technically pegged to any national fiat currency, and users won't always be able to redeem the token for a set quantity of order. Facebook declared within the paper that the assets are chosen to reduce volatility.

Meanwhile, the Indian government is reportedly considering a whole ban of cryptocurrencies, with native media coverage that there is even a proposal to enforce a 10-year sentence for voters who alter cryptocurrencies. However, the RBI has recently denied any involvement during a draft crypto legislation that might ban crypto within the country.

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