The various rumors finally led Facebook into launching its own cryptocurrency and wallet just recently. While we may all think it to be a great opportunity for Facebook to get its lost goodwill, it seems like it’s not as easy as it is thought to be.
Per the latest reports, Facebook’s Calibra wallet won’t be introduced in countries that are against cryptocurrency, and this list includes India among China, Iran, North Korea and more.
In a statement to TechCrunch, a Facebook spokesperson said: “The Libra Blockchain will be global, but it will be up to custodial wallet providers to determine where they will and will not operate. Calibra won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies.”
Later, a spokesperson confirmed that Calibra won’t be coming to India.
As a reminder, India is not in favor of cryptocurrency. There have been rumors of a possible bill being drafted to penalize people who will indulge in any crypto affair, and they will be entitled to ten years of jail.
However, Facebook still hasn’t made this official.
As a reminder, Facebook’s Calibra wallet will allow users to transact, pay bills, and do many more things with the help of the Libra cryptocurrency. The Calibra wallet will be available as a standalone app, via Messenger and WhatsApp.
Facebook has recently been asked by US regulators to put its Calibra crypto project on hold due to its past data breach activities.
Both situations appear to be hindrances to Facebook’s various goals, one of them being the aim of empowering billions of people.
It is still too soon to comment on Calibra’s fate and whether or not it will sustain the turbulence caused.
We will keep you updated on the same. So stay tuned to this space.