HomeBanking & FinanceFacebook Shuts Down Plans to Release Libra Cryptocurrency

Facebook Shuts Down Plans to Release Libra Cryptocurrency

It's been more than two years since it was first announced, the Facebook-sponsored Libra cryptocurrency project may not launch. Learn more!

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It’s been more than two years since it was first announced, the Facebook-sponsored Libra cryptocurrency project may not launch.

The Diem Association, which Facebook founded to manage digital currencies, is in consideration of selling off its assets, following resistance from regulators who opposed the initiative, Bloomberg reports.

On the other hand, the US Federal Reserve pressured Silvergate, Diem’s ​​banking partner last year which resulted in a halt to the launch.

A spokesman for the Diem Association, Michael Crittenden, told The Verge that Bloomberg’s story was not entirely true, but he declined to comment further.

If Diem does sell its assets, it means the future of the digital currency is at a standstill. Initially, Libra was projected to be a digital token backed by all currencies from around the world. But unfortunately, regulators quickly put a stop to that idea.

Facebook recently launched a digital wallet originally created for the Diem coin with another stablecoin (Pax Dollar) from Paxos.

David Marcus, the executive who originally proposed Libra and leads digital wallet Meta, left the company late last year after most of the founding team behind the project also left.

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Viklin
Viklinhttps://naijaknowhow.net
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