How 10 Countries Respond to Facebook’s Libra Cryptocurrency A growing number of governments have responded to Facebook’s cryptocurrency plans including China, France, India, Japan, South Korea, Russia, Singapore, Thailand, the U.K., and the U.S. Several intergovernmental organizations have also weighed in such as the European Central Bank and the Bank of International Settlements.

The Libra blockchain will be global. It will be up to custodial wallet providers to determine where they will and will not operate.

Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action

India

India is currently deliberating on the regulatory framework for cryptocurrency, which was drafted by an interministerial committee headed by Finance Secretary and Secretary of Economic Affairs Subhash Chandra Garg. Bloomberg reported him as saying in an interview on July 6:

Design of the Facebook currency has not been fully explained … But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.

Leave a Reply

Your email address will not be published. Required fields are marked *