Earlier this month, a proposal by a panel of experts on cryptocurrencies from the Indian government suggested that the government plans to crack down on the cryptocurrency industry, and that mining, holding, buying and selling may be banned. Although the bill has not been finalized, it has undoubtedly had a huge impact on India’s cryptocurrency market.
According to the Economic Times, a local Indian newspaper, Facebook’s cryptocurrency Libra is likely to miss out on the Indian market under such a regulatory environment. And Facebook, perhaps aware of the problem, has not previously submitted any request to the reserve bank of India to conduct cryptocurrency transactions in India.
Missing out on India is also a big loss for Facebook. WhatsApp, which runs Libra and Calibra digital wallets, is among the 400m users in India, according to Statista.