India Poses the Same Caution Against Libra

Suzat

October 22, 2019 1:08 am

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Nirmala Sitharaman, India Finance Minister said that like many countries, India is also showing a high degree of caution regarding Facebook’s Libra. During an Annual Meetings of the International Monetary Fund and the World Bank in Washington, D.C. that included a discussion of the Libra project, Sitharaman expressed her views on allowing Facebook’s Cryptocurrency in the country.

Sitharaman told:

“On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this […]. Countries will have to show extreme caution much before anything is said or moved on this.” 

Sitharaman mentioned that regulators of other countries had argued against the use of the term “stable currency” or “stablecoin,” but instead emphasize the token’s links to cryptocurrency.

Libra has been designated a stablecoin by Facebook and was initially proposed to be backed by a basket of national fiat currencies, including the U.S. dollar, euro, Japanese yen, British pound and Singapore dollar.

Sitharaman stated:

“While presentations at the annual meetings had conceded the prospective strengths of such virtual currencies, everyone without fail spoke about the challenges together with talking about it as a necessary step forward. So everyone was stepping cautiously on it.” 

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