There’s no doubt that the crypto market in India has only been seeing failure ever since the Reserve Bank of India imposed the ban on dealing cryptocurrency in India.
RBI’s strict regulations will not allow Facebook’s Libra to function, which has made it revoke its plans to launch in the third-largest economy in Asia, India. The government drafted a Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 that proposes a 10-year extended prison term for individuals who get involved in cryptocurrency.
On 21st October, during the International Monetary Fund and the World Bank annual meet held in Washington, Finance Minister Nirmala Sitharaman expressed her opinion on the usage of cryptocurrencies, saying that various countries have warned against rushing into crypto. The concern came over as Facebook’s proposed virtual currency Libra was a topic of discussion.
The G7 nations, including the US, France, Canada, Japan, Italy, Germany, and the UK, in a draft report, declared that no stable coin project, including Facebook’s Libra, could move ahead into developments until proven to be safe and secure.
Adding up to its series of bad news for Libra, even Visa and Mastercard stood against the Facebook VC, informing that they would not be supporting the project publically. Recently, PayPal dropped out form Libra Association, the entity managing the Facebook-led effort to build VC Libra, making it the first member to quit the group of 19, including Uber, Lyft, and Spotify.