Facebook's Libra Faces Skeptical Government in Asia’s Third-Largest Economy
- Government not comfortable with private digital currencies
- The central bank has effectively banned use of cryptocurencies
Photographer: Chesnot/Getty Images
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The latest skepticism to Facebook Inc.’s plans for its new cryptocurrency called Libra comes from India as Asia’s third-largest economy is not keen on allowing the digital currency in the country.
“Design of the Facebook currency has not been fully explained,” Economic Affairs Secretary Subhash Garg said in an interview in New Delhi on Saturday. “But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.”