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Supreme Court's decision on Bitcoin to decide the launching of Facebook's Cryptocurrency in India

Friday - June 21, 2019 4:20 pm , Category : BUSINESS
Facebook to launch its Cryptocurrency Libra next year
Facebook to launch its Cryptocurrency Libra next year

Know why Facebook's Cryptocurrency Libra not to be launched in India?

JUNE 21 (WTN) - As you know, Facebook is the most popular social networking website in the world. Over time, Facebook has made many changes in it. In this sequence, Facebook has now announced the launch of its Cryptocurrency Libra. According to the information, Facebook will come with its Cryptocurrency next year. If you think that you can take advantage of Facebook's Cryptocurrency also in India, then for your information, let you know that Facebook can’t launch its Cryptocurrency in India at this time. What is Cryptocurrency and why Facebook can’t launch it at this time in India? Let us elaborate on this.

Actually, Cryptocurrency is a digital currency and it is available online only. That is, we can’t use it as notes. This digital currency can be used to buy goods or services online. The Government of a country does not have the right on Cryptocurrency, nor does any bank have control over it. Cryptocurrency is a digital currency, whose value can’t be regulated.

Facebook's Cryptocurrency Libra is also a kind of digital currency. But Facebook will not be able to launch its Cryptocurrency Libra in India as the RBI has banned the use of Cryptocurrency in the country. Indeed, according to the existing rules of the Reserve Bank of India, the banking network does not have permission for block exchange transactions. For your information, let you know that Facebook will also launch a digital wallet for this Cryptocurrency Libra, which will be named Calibra. But as we told you that due to the blocking of the Cryptocurrency in India, Facebook's Calibra wallet would not be available in India.

According to the information, Facebook wants to connect the digital wallet Calibra of its Cryptocurrency to WhatsApp, so that it can be made available all over the world. For your information, let you know that Facebook has contracted its Cryptocurrency Libra from 28 institutions, including Visa, MasterCard, PayU and Uber. Agreement with these institutions means that all organizations will support Facebook's Cryptocurrency Libra. Cryptocurrency Libra will be available on both Facebook and WhatsApp. Experts believe that by the time this launch of this currency, it can get support from more than 100 institutions across the globe.

According to experts, if the Facebook brings its Cryptocurrency Libra into a closed system, which will only work in the system, then RBI does not have to worry about it more. That is why, because this currency will not have any relation with the external economy. But it would be wrong to say, because Facebook is making a firm commitment to support the institutions of the world to support its Cryptocurrency Libra. In such a situation, it is unlikely that Facebook's Cryptocurrency Libra will not have any relation with the external economy.

For your information, let you know that in April last year, the RBI had directed regulated firms to stop the transaction in virtual currency in three months. That's why, because there are many risks with virtual currency. Before the Libra, there was Bitcoin in India as a Cryptocurrency, on which the RBI had banned. After the ban, Bitcoin trading firms had appealed in the Supreme Court against the RBI's ban. It is to be seen now that what guidelines or judgments in the case of Bitcoin the Supreme Court gives, because only after the Supreme Court's decision on Bitcoin case, the entry of Facebook's Cryptocurrency Libra in India will be decided.