Facebook's Libra is not really a cryptocurrency and it faces huge hurdles, including in India. Here’s why

While Libra's utility could render many cryptocurrencies useless due to its play on remittance and payments, it could usher in a new wave of adoption in this space and we will need to wait and see which tokens and coins come out on top. I firmly believe that bitcoin will highly benefit from the adoption, as most people trickling down the funnel and learning about cryptocurrencies are more likely to buy bitcoin before any other crypto.

Libra coin is unlikely to be available to Indian residents due to uncertain regulations on cryptocurrencies, and the ability of Libra coin to operate as a global currency outside of its network which the Reserve Bank of India (RBI) cannot control. With the amount of innovation and development happening in the digital space globally, India really needs to update its regulations to allow its residents to benefit from such innovation, as it could assist in economic, job creation and entrepreneurial aspects.

While there are way too many questions that are unanswered at the moment, the launch and success is no slam dunk. The biggest challenge Facebook will face is from regulators and central banks who will not be happy with currency and its circulation that is not under their control. US, French and German ministers have already voiced concerns and this is only expected to get louder. Facebook and its entourage of 100 powerful corporates may be on to something special but the road will surely be quite bumpy.