India is not comfortable with Facebook Libra

India is not comfortable with Facebook Libra. The government has virtually outlawed private cryptocurrencies by barring banks from dealing in it. India's Economic Affairs Secretary said this weekend that Facebook hasn't fully explained Libra but that if it is private cryptocurrency then it wouldn't be allowed. In April 2018 India's top court upheld the Reserve Bank's ban on cryptocurrency, and separately a draft law proposes a one to ten-year jail term for anyone who mines, holds or sells cryptocurrency. Meanwhile, strategists at a prominent financial analysis firm said Facebook Libra is counting on its continued explosive growth in India to succeed. Bloomberg