Facebook declared that Libra could solve payment issues for the 1.7 billion people who still didn’t have bank accounts worldwide, and the transfers would be faster and cheaper than bank-to-bank transfers. In other words, Facebook wants to create a global digital currency, and its adoption could support the expansion of its e-commerce efforts — which already include shoppable posts and in-app checkouts for Instagram, integrated payments in Messenger and WhatsApp, and its Craigslist-like Marketplace.
However, roadblocks for Facebook’s global ambitions have already appeared. Facebook won’t launch Calibra in U.S.-sanctioned countries, countries where Facebook doesn’t have a presence, and countries that ban or regulate cryptocurrencies.
That last restriction means Facebook won’t launch Calibra in India — which recently proposed 10-year jail sentences for people who “mine, hold, sell, transfer, dispose of, issue, or deal in cryptocurrencies.” Let’s discuss why getting locked out of India’s crypto market represents a significant setback for Facebook’s long-term plans for the country.
By Leo Sun
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