Facebook has announced the launch of its Cryptocurrency Libra. By the end of last year Facebook will come with its own Cryptocurrency . However, Facebook will not introduce this in Indian Market. According to the rules of the time, Facebook will not be able to launch it in India. Actually, the RBI has banned the use of cryptocurrency in the country. Current rules do not allow blocking transactions for the banking network.

Facebook will also launch a digital wallet for this currency. The name of this wallet will be calibra But due to the block of crypto currency in the Indian market, these wallets will not be present in India. According to the Economic Times report, a person related to the case told that Facebook did not apply to RBI for this currency.

Libra got support from many organizations

The Facebook representative said that we want to connect Calibra with WhatsApp and make it available worldwide. Let us know that Facebook has announced this cryptogram on Tuesday. Which will be brought to the year 2020. Facebook has tied up with 20 entities, including Visa, MasterCard, PayU and Uber, to sign a deal for this currency.

All these institutions will support Facebook currency. Libra will be available on both Facebook and WhatsApp. By the time of launch, it is expected to get support from more than 100 institutions worldwide. In April 2018, the Reserve Bank of India had given three months time to stop the transaction of virtual currency. Let us know that in India so far, WhatsApp has not got the time to start its payment service.

Ikigai Law founder Aniruddha Rastogi told that if Facebook brings its currency Libra in a closed system, which will only work in the system. In such a situation, the RBI will be less worried about this, because this currency will not have to do with the external economy. It is difficult, however, because Facebook is contracting with various organizations to support its currency.