New Delhi: 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. Last month, Facebook unveiled plans for Libra. When it launches in 2020 or later, it will be a stablecoin -- a digital currency that doesn’t fluctuate much because it’s supported by established government-backed currencies and securities. The company hasn’t yet formally sought permission from India to launch its digital currency in the country.

Source: Mint July 08, 2019 09:56 UTC