“There are no plans to offer Calibra in India:” Facebook cites regulatory uncertainty

According to a Facebook Inc. spokesperson, the social media giant will not launch Calibra, the blockchain protocol for Libra cryptocurrency in India. The Economic Times reports that the company’s spokesperson told local a news daily that:

 “There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”

Facebook is probably citing the difficulty cryptocurrency businesses have been facing since the ban on banking support in April last year. Besides, several crypto exchanges have closed down all citing regulatory turmoil due to lack of banking support making operations difficult.

Although the Reserve Bank of India is currently being challenged to lift the ban, there is still exists uncertainty for the future of cryptos in India. Moreover, there have been reports of certain government departments proposing a complete ban on cryptos and imprisonment for those found dealing with the digital assets.

London-based Facebook representative Alexandru Voica said that “Calibra will respect the legislation,” and that “The blockchain project has multiple uses in smart contracts, supply chain management and so on – it’s not just for cryptocurrencies.”