This Tuesday, Facebook revealed its audacious Calibra digital wallet and Libra cryptocurrency through which the social media giant wants to transform the financial services worldwide. The company also said that it aims to empower more than 1.7 billion people in the world who don’t have a bank account.
However, a large number of people will not have access to Facebook’s new digital payment services as it is launched next year.
Responding to the question of TechCrunch a Calibra spokesperson said, the digital wallet will not be available in a number of markets that are against the use of cryptocurrency.
The spokesperson also added:
“The Libra Blockchain will be global, but it will be custodial wallet providers to determine where they will and will not operate. Calibra won’t be available in U.S sanctioned countries or countries that ban cryptocurrencies.”
TechCrunch believes that India which is one of the biggest markets for Facebook is not going to have access to Calibra. Other than that, Calibra is also not going to be made available in countries such as North Korea, China, and Iran where Facebook is not present itself.
India is very cautious about cryptocurrency. As stated by the Reserve Bank of India, they don’t want cryptocurrency to spread in the country as it poses a potential threat. Last month, a bill was proposed according to which a person will be subjected to 10 years jail, if found holding, selling or buying cryptocurrency in the country.
Facebook also stated that Calibra will be made available on Messenger, WhatsApp and also through a stand-alone app. This led to a lot of confusion in India as it is the only country where WhatsApp services are available.
A WhatsApp spokesperson stated that they are fully committed to the efforts made by them on WhatsApp Pay, built on top of Unified payments Interface (UPI).
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