The Finance Minister Nirmala Sitharaman has said that India – just like many other countries – is right now showing a high degree of caution when it comes to the Facebook stalbecoin Libra. The Indian minister showed his scrutiny by the public and also spoke more about the Libra project.
During the 2019 Annual Meetings of the International Monetary Fund and the World Bank in Washington, DC – which included a discussion of the Libra project – the Indian minister Sitharaman told reporters from the New Indian Express the following:
“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 also noted that representatives of other nations had argued against the use of the term “stable currency” or “stablecoin” but instead emphasized the token and its links to cryptocurrency.
As we previously reported in our Libra latest news, the stablecoin has been designated by Facebook as a type of digital asset that is designed to mitigate price volatility. As such, it was initially proposed to be backed by a basket of national fiat currencies such as the US dollar, Euro, Japanese yen, British pound and Singapore dollar.
The Indian minister also said that 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.”
Circumspection in regards to Libra has indeed been reverberating among the citizens, cryptocurrency industry figures, governments, regulators as well as central bankers worldwide. Besides the Indian minister, China was also in the cryptocurrency news for ratcheting up its existing plans for a central bank digital currency in a bid to protect against the perceived threat to its monetary sovereignty and legal currency status.
As the news then showed, the former governor of the People’s Bank of China argued that “people valuing Libra is inseparable from the global dollarization trend.”
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