An anonymous reader shares a report: Facebook unveiled its audacious Libra cryptocurrency and Calibra digital wallet on Tuesday through which it plans to transform financial services across the globe. The social juggernaut made clear of its ambitions when it said that it wishes to empower more than 1.7 billion people around the world who currently do not have a bank account. But potentially an equally large group of people would not be able to use Facebook’s new digital payments service when it begins rollout next year.
Responding to queries from TechCrunch, a Calibra spokesperson said that the digital wallet will not be rolling out to a number of markets that have taken a stand against cryptocurrency, or are sanctioned by the United States. “The Libra Blockchain will be global, but it will be up to custodial wallet providers to determine where they will and will not operate. Calibra won’t be available in US-sanctioned countries or countries that ban cryptocurrencies,” the spokesperson told TechCrunch. TechCrunch understands that India, Facebook’s biggest market, is among the list of countries where Calibra does not intend to launch. Additionally, Calibra isn’t going to be available in China, North Korea, and Iran, too, where Facebook does not currently have a presence. Further reading: Proposed Law in India Would Imprison Anyone Who Uses Cryptocurrency.