Facebook has in excess of 300 million users in India at present and Whatsapp boost in excess of 400 million. Reportedly the draft law is proposing a jail term of up to ten years for anyone caught engaging in any of the above-mentioned cryptocurrency activities. It clearly shows that shortly also India will not allow any Indian banks to deal with cryptocurrencies.
However, the RBI's order is now being disputed in India's supreme court.
That being said, Facebook's Libra project will have to settle for an eye on the outside of the market for now, in light of India's regulatory issues towards crypto.
On the other side, Alexander Voica stated that Calibra respects the legislation.
As per the sources, Facebook will get in touch with the governments of various countries for Calibra digital wallet and its new Libra currency.
The list of countries expressing concern over a Facebook controlled cryptocurrency, and all the transaction data that goes with it, is growing by the day. Voica stressed that the blockchain project has various uses in the areas of smart contracts, supply chain management, etc., and is not limited to cryptocurrency.
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. So, launching Libra in India can bring a lot of benefits.
Despite the rumors describing a collaboration between WhatsApp and Facebook to launch a private token in their largest market, it appears as if the now on-pilot payments service for the instant messaging platform will be the only solution of the kind available to Indian users.
Both Libra and Calibra are in early stages of development at this point, with a full launch planned for 2020. The cryptocurrency will be managed by different companies such as Uber, PayPal, Visa, and Mastercard.