India not keen on allowing Facebook’s Libra cryptocurrency

Facebook • July 8, 2019, 6:15AM EDT
UPDATED: July 8, 2019, 11:00AM EDT
The Block

The Indian government is latest to show skepticism toward Facebook’s planned cryptocurrency Libra, according to a Bloomberg report on Monday.

“Design of the Facebook currency has not been fully explained. But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with,” secretary of the Department of Economic Affairs under the Indian Ministry of Finance Subhash Chandra Garg was quoted as saying in the report.

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Last week, European Central Bank executive board member Benoit Coeure reportedly said that the Libra project is a “useful wake-up call” for global financial regulators and that they must act fast to prepare rules.

Most politicians and regulators around the world have been hesitant toward Libra, which is expected to go live sometime next year. Facebook, along with 27 founding partners including Uber and PayPal, aims to serve the unbanked and facilitate low-fee money transfers globally via Libra.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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