Facebook plans to abandon Diem, its private currency project

Posted Jan 26, 2022, 10:36 AMUpdated on Jan 26, 2022 at 11:11 a.m.

Facebook, now Meta, plans to abandon its private currency 2.0, called Libra then Diem. Launched in 2019, this complex project for a cross-border global currency has come up against fierce opposition from states and regulators. Given its technical, technological and regulatory problems, it has been amended but not enough and failure is looming, according to the Bloomberg agency.

Meta is looking for a buyer to take over its Diem project and in particular everything related to intellectual property and patents. The Diem association, which brings together investors (funds, companies, etc.) who support the project, plans to return their funds to them. The buyer could be a crypto platform that wants to launch its own currency. Significant venture capital funds were launched in 2021 in the crypto sector. They could also co-invest with companies in the sector.

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