{"id":241071,"date":"2019-10-21T09:33:23","date_gmt":"2019-10-21T13:33:23","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=241071"},"modified":"2019-10-21T09:33:23","modified_gmt":"2019-10-21T13:33:23","slug":"indian-finance-minister-confirms-cautious-approach-to-libra","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/indian-finance-minister-confirms-cautious-approach-to-libra","title":{"rendered":"Indian Finance Minister Confirms Cautious Approach to Libra\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">India is a notorious anti-crypto country. However, according to its finance minister, the state is looking at the prospect of Facebook\u2019s Libra stablecoin launching within its borders with extreme caution.\u00a0<\/span><span data-preserver-spaces=\"true\">Last week, the 2019 edition of the Annual Meetings of the International Monetary Fund and the World Bank held in Washington, D.C. At the event, several policymakers and regulators met to discuss various issues relating to the global financial space, and the problem of Libra was also extensively touched on.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Mumbai is undecided<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"http:\/\/www.newindianexpress.com\/business\/2019\/oct\/21\/several-countries-cautioned-against-cryptocurrencies-nirmala-sitharaman-2050604.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from local news medium The New India Times reported Nirmala Sitharaman, the Indian Finance Minister, spoke with reporters on the day and confirmed that the Indian government has mulled over allowing Libra to launch in the country, but just as it is with other nations, they are treading with extreme caution and examining the various ramifications of any decision made.<\/span><\/p>\n<p><iframe title=\"Facebook Libra Coin - Calibra Wallet - Another Cryptocurrency? \ud83d\udcb5\ud83d\udcb5\ud83d\udcb5\ud83d\udd25\ud83d\udd25\ud83d\udd25\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/wAGWpKnz8gw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">In the past, she said, <\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><div class=\"su-quote su-quote-style-default\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">\u201cOn 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.\u201d<\/div><\/div><\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The policymaker also touched on the \u201cstablecoin\u201d moniker, adding that a lot of her counterparts have suggested a change in that name, based on the grounds that it doesn\u2019t actively portray their nature or what they are about.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On the issue, she said, \u201cMany cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind.\u201d<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Facebook needs India<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Issues with nomenclature aside, the stance of the Indian government should be seen as necessary. The country\u2019s decision to ban cryptocurrencies and make a rather difficult environment for the space, has been damning so far, with several businesses being forced to slow down or halt their operations entirely.\u00a0<\/span><\/p>\n<p><iframe title=\"PM Narendra Modi and Mark Zuckerberg Townhall Q&amp;A (Hindi) at Facebook HQ in San Jose\" width=\"640\" height=\"480\" src=\"https:\/\/www.youtube.com\/embed\/HHloYymVIZQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">It should also be taken by Facebook as an important update. India is by far Facebook\u2019s largest market, with an approximate user count of 270 million as of July 2019, almost 50 percent higher than the United States, which came in second with about 190 million users (according to\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.statista.com\/statistics\/268136\/top-15-countries-based-on-number-of-facebook-users\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from Statista). If the Indian government decides to keep Libra out of the country, Facebook would be losing out on a big market.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a time where the skepticism about Libra from major markets is growing, the social media giant can\u2019t afford that. Germany is pretty much closed to the idea of Libra operating in the country, as Finance Minister Olaf Schulz reiterated his disapproval of the stablecoin in the very same D.C. meeting last week, according to a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.reuters.com\/article\/us-imf-worldbank-facebook-idUSKBN1WX23A\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from news medium Reuters.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Other countries don\u2019t seem to be overly open to the asset, as well. Lawmakers in the United States seem to be unimpressed with the asset so far, and a task force formed by the G7 recently reported that stablecoins possess risks with money laundering and terrorist financing. With more major markets potentially shutting the door on the asset, India being on board will at least soften the blow and serve as some encouragement.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">India is a notorious anti-crypto country. However, according to its finance minister, the state is looking at the prospect of Facebook\u2019s Libra stablecoin launching within <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/indian-finance-minister-confirms-cautious-approach-to-libra\" title=\"Indian Finance Minister Confirms Cautious Approach to Libra\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":241075,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[1584,5139,5235,6009,8349],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian Finance Minister Confirms Cautious Approach to Libra\u00a0 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"India is a notorious anti-crypto country, but the govt is considering the prospect of Facebook\u2019s Libra launching within its borders with extreme caution.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/241071\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Finance Minister Confirms Cautious Approach to Libra\u00a0\" \/>\n<meta property=\"og:description\" content=\"India is a notorious anti-crypto country, but the govt is considering the prospect of Facebook\u2019s Libra launching within its borders with extreme caution.\u00a0\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-21T13:33:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/10\/india-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/241071#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/241071\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Indian Finance Minister Confirms Cautious Approach to Libra\u00a0\",\"datePublished\":\"2019-10-21T13:33:23+00:00\",\"dateModified\":\"2019-10-21T13:33:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/241071\"},\"wordCount\":552,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"Facebook\",\"France\",\"germany\",\"India\",\"Libra\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/241071#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/241071#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/241071\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/241071\",\"name\":\"Indian Finance Minister Confirms Cautious Approach to Libra\u00a0 - 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