- Facebook Inc.’s (NASDAQ:FB) Libra crypto project could be banned in India given the government’s tough stance on cryptos.
- Sources familiar with the matter say that Facebook is yet to file an application with the Reserve Bank of India (RBI) for the implementation of Libra in India.
Facebook had told India’s Economic Times that Libra would be accessible through its WhatsApp messaging app for users globally.
India is a very crucial market for Facebook, given that it has approximately 400 million WhatsApp users who would have access to Libra.
Facebook could face major problems if the contested RBI deadline initiative banning specific corporate entities from dealing in digital assets is allowed by the Supreme Court.