In South Africa, we still have capital controls. My mom earned dollars through PayPal. She couldn't spend it online and had to convert her earnings to Rand within 3 months. Bureaucrats will insist that the same rules apply to libra.
India is even less ready for relaxing capital controls. They will tell Facebook to block libra for their citizens or be firewalled. No one is going to jail, but libra will not succeed there.
Capital controls can be an important part of a monetary system. It’s not part of most western countries’ systems, but it’s a very valid tool with a real purpose.
India is even less ready for relaxing capital controls. They will tell Facebook to block libra for their citizens or be firewalled. No one is going to jail, but libra will not succeed there.