Fb’s Diem cryptocurrency failure adopted D.C. regulator pushback

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Diem was successfully doomed from the beginning, the individuals accustomed to the hassle mentioned. It was introduced in 2019 with nice fanfare underneath the identify Libra. Overseas governments, members of Congress and regulators expressed fears concerning the venture instantly, saying Fb wasn’t ready to handle considerations about cash laundering, shopper safety and different potential monetary dangers. Two years later, after a rebranding to Diem and an overhaul of the venture’s design in order that it might be pegged to the U.S. greenback to create extra stability, it confronted even higher resistance from regulators, who mentioned the corporate acted arrogantly, based on one of many individuals.

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