Will Libra be excluded from Facebook's biggest market?
With the aftermath of Facebook's Project Libra announcement fully in motion, countries are starting to set their stance on whether or not they will be welcoming to Zuckerberg's crypto venture. France's Minister of Finance, Bruno Le Maire has projected his concerns as to how Libra will be transparent from any illicit activities. US Congresswoman, Maxine Waters has also voiced her concerns regarding Facebook's Libra considering their recent history with users' privacy.
However, neither France nor the USA is where Facebook has it's biggest user base. This particular title belongs to India. With over a population of a billion people, the subcontinent has the largest number of Facebook users than any other country, and it is far from clear whether Libra will available. There seems to be a great deal of confusion and uncertainty regarding the legality and regulations surrounding cryptocurrencies, with continuously conflicting reports being published on the topic.
According to the Economic Times of India, banks that directly support blockchain for financial services are not permitted. This current stance would conflict with Libra, and the currencies' native wallet "Calibra". Although P2P transactions are permitted, transactions that are intermediately managed by a 3rd party are not. This is where Facebook's "centralised" nature of Libra would create significant conflict.
The grey clouds continue, due to how little is currently known about the underlying format of Libra, including what the "Libra Reserve" will be compiled from. With Libra being a stablecoin, additional concerns are rising in relation to money laundering, due to Calibra's intention to convert Fiat to Libra.
With Libra's official launch not scheduled until 2020, there is time to clear up many of these questions. However, there is plenty of work to be done in between now and then if Libra is to be readily available in Facebook's biggest market.
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