Don't welcome Facebook's Libra

India's policy makers must be alert to any attempt by Facebook, Mastercard and others to force a cryptocurrency on us

Global financial regulators are finding it tough to trust Facebook. A company that has a terrible track record of data and privacy leaks has been attempting to popularize its cryptocurrency Libra for the last few months. Governments are baulking at it. 

France and Germany have already declared their opposition to Libra while other central banks are deeply suspicious of it. 

Libra calls itself a global currency and financial architecture based on blockchain technology. Facebook announced its plan for Libra in June 2019 but created an organisation around it for greater traction in the corporate world. The Libra Association was created with founding