Facebook says it won't launch its crypto wallet in India

Facebook's Calibra -- a digital cryptocurrency wallet that will let users send and receive the recently launched cryptocurrency Libra -- probably won't launch in India any time soon.

A Facebook spokesperson told The Economic Times (via CoinDesk) that the company has "no plans to offer Calibra in India" due to "local restrictions within India that made a launch of Calibra not possible at this time.”

India doesn't look very favorably upon cryptocurrencies, having banned banks from using them in 2018 and presently mulling over a law that would completely outlaw cryptocurrency use in the country.

As the world's second most populous country and one of Facebook's largest markets, India is tremendously important for Facebook, especially in the context of Libra, which could be used for remittances.

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However, The Economic Times says that (non-crypto-based) payments through WhatsApp, which is owned by Facebook, are currently being tested in India.

SEE ALSO: Facebook’s new currency, Libra, is being taken seriously by big banks

Libra is a non-volatile cryptocurrency that will launch on the Libra blockchain, controlled by a Switzerland-based consortium of organizations which includes Facebook, Mastercard, PayPal, eBay, Coinbase, and others (see a detailed overview here).

Calibra, on the other hand, is the name of the wallet which will be created and maintained by a Facebook subsidiary.

Both Libra and Calibra are in early stages of development at this point, with a full launch planned for 2020.

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