India Extremely Cautious on Libra – Minister Says

India Extremely Cautious on Libra

India’s Finance Minister Nirmala Sitharaman has said that India has a high degree of caution with regards to Facebook’s Libra.

In last week’s 2019 Annual Meetings of the International Monetary Fund and the World Bank in Washington, D.C., Sitharaman told reporters from the New Indian Express that:

“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.”

The minister said that representatives of other nations had argued against the use of the term “stable currency” or “stablecoin,” but instead emphasize the token’s links to cryptocurrency.

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