Federal Reserve's Pressure Ends Meta's Libra/Diem Stablecoin Project

Nov 30, 2024, 01:36 AM

David Marcus, former head of Meta's Libra project, has revealed that the Federal Reserve effectively killed the cryptocurrency initiative. Libra, which later rebranded to Diem, was a stablecoin project on a permissioned blockchain with significant potential to revolutionize global payments. Despite its promise, the project was halted due to regulatory pressure from the Federal Reserve, which expressed discomfort with the project moving forward. This revelation comes after years of speculation about why Libra, backed by a company of Meta's size, was abandoned despite being fully compliant with existing laws.