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Facebook's Libra currency abandoned by major financial companies

06.02.2022 05:39 AM
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Facebook's Libra currency abandoned by major financial companies
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The Meta group, which owns Facebook, announced the official release of its digital currency project, which it launched amid great media fanfare in 2019.
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Facebook's Libra currency abandoned by major financial companies
The Meta group, which owns Facebook, announced the official release of its digital currency project, which it launched amid great media fanfare in 2019.

Diem, which was working on the project, intends to sell its main assets and withdraw completely from the project due to the failure to convince the regulators.

Diem will sell the company's intellectual property and other assets for $182 million to Silvergate Capital Corporation, a cryptocurrency bank.

The social network giant had ventured into the field of virtual currencies with the launch of Libra in 2019, which would have introduced a new payment method outside of traditional banking circles.

Aware of regulators' concerns about a privately operated currency, the US group then decided to entrust its management to an independent entity based in Geneva, Switzerland, which it initially called "Libra".

This initiative was on the right track, but "it became clear during our discussions with the US authorities that the project could not progress any further," said Stuart Levy, director general of the foundation.

"The idea of Facebook making a cryptocurrency has everyone panicked," analyst Rob Enderle of the Enderle Group told AFP.

He added, "For the regulatory bodies, it went too far, as they openly declared that they do not trust" Facebook" in this project.

Essentially, Facebook envisioned a new payment method that would allow buying goods or sending money as easily and quickly as sending an instant message, but since its launch the project has drawn strong criticism from central banks, regulators, and policymakers alike.

These authorities have expressed concerns about risks to the stability of the financial system, the fight against money laundering or the protection of personal data.
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