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The Facebook-sponsored cryptocurrency originally known as Libra seems to be coming to an end. Additionally, it is after more than two years after it’s launch. The Diem Association, which administers the digital token, is considering selling its assets after experiencing legislative opposition. In this article, you will learn more about Facebook Crypto.

According to Bloomberg, the US Federal Reserve “dealt the attempt a last blow” by placing influence on Silvergate. Silvergate is the financial partner with whom Diem announced a partnership last year to issue the coin. According to a source, the Federal Reserve pressured Silvergate is holding the launch.

Facebook Crypto : Diem

If Diem is truly selling its assets, it is a sign that the cryptocurrency is stuck in a rut. Libra was supposed to be a digitized token supported by a basket of global currencies at first. But regulators swiftly put a stop to this. As a result, a more simple design was produced, with a new design for Diem token tied to the US dollars. But this was not enough.

Nyc Coin: New York City gets its own cryptocurrency

During a summit in Geneva in October 2019, Facebook and Other partner organizations officially joined the crypto currency project.

In an attempt to win over authorities, the organization said that their cryptocurrency will give stable coins supported by only one nation’s currency. This imply that some coins will be the equal of a dollar or a Euro.
PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe, Booking Holdings, and Vodafone, among others, withdrew from the Libra project because to privacy concerns.

Final Note

Other recent indications suggest that Diem will not see the light of day. Facebook, which now called Meta, recently replaced the Diem coin in its digital wallet with some other stablecoin from Paxos. And David Marcus, the CEO who proposed Libra and managed Meta’s digital wallet project, left the business late last year after the majority of the project’s initial staff defected.

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