The Fall Of Cypto Project "Diem"

One thing I'm certain that high profile individuals are used to is failure (I know I sound too intense but that's true). To start a project then finish it and eventually complete makes up for all the time in the world.

Well for Meta formerly known as Facebook, there's actually been a lot on hand for the company after it started having problems with the US government partaining privacy issues.
When Facebook became Meta, there have been deep speculations to why the change in name but after the wide spread of the Metaverse, it only became obvious.

Source

It's almost three years Facebook (Meta) initiated it's interest into having a stable coin known as Diem formerly Libra. The involvement with cryptocurrency would bring about the issue of "privacy" as many people saw it because that would mean it would be decentralized but that wasn't the issue, the whole usual usage for fraudulent activity and sponsor of terrorist.
Mark Zuckerberg once defended in front of Congress, as of the time, I only watched but didn't exactly understand the scrutiny that was up then.
It turns out that was when the idea of divulging into cryptocurrency was in progress which was known as Libra.
Libra had the backing of Visa, PayPal and MasterCard even e-bay, who all fled the project after Facebook came under strict scrutiny from Congress, anyway it was doomed to fail. The government is not friendly with cryptocurrency or any thing at sort that would impede it's currency reign.

Libra had to change name and begin as Diem and partnered with silvergate bank to issue a Diem USD stablecoin. The government even pressured the bank that it also eventually left Facebook on the sideline all alone.

It's actually saddening to see this all unfold itself but the eye of the United States government was all fixated on Meta so hence the fall.
Every action to make prevail was thwarted in every possible way.
Sometimes you win some, sometimes you lose some, I guess this battle wasn't for the billionaire to win because the funds are in hand but the backing and partners have all retreated into the shadows.

Thanks for visiting my blog, till next time.

Posted using LeoFinance Mobile