Facebook has no plans for Calibra or cryptocurrency Libra in India

Bangalore: Facebook Inc has no plans to offer its Calibra digital wallet services in its largest market, India, the social giant said, just as a top government official expressed skepticism about its newly-announced cryptocurrency Libra.

“There are no plans to offer Calibra in India,” a Facebook spokesman said in an email, effectively ruling out the rollout of its Libra cryptocurrency in the country. “As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”

India’s central bank, the Reserve Bank of India (RBI), has banned banks from dealing in cryptocurrencies but informal networks abound. In an effort to curb them, the government is proposing a law with stringent penalties, including prison sentences of up to 10 years.