It seems unlikely that Meta will launch a crypto currency anytime soon. In fact, according to a report, Diem’s administrators are said to be looking at the possibility of selling the coin, or at least the ideas that currently exist about it.
Meta’s crypto currency will most likely be disposed of soon, Bloomberg reports. That appears now that the Diem Association, which was once formed to manage the coin, is looking at options to sell it.
According to the report, the U.S. Federal Reserve is even said to be interfering with the story. The service is pushing the currency toward sale by putting pressure on the bank that conducted negotiations with Diem.
From Libra to Diem
Originally, Meta’s crypto currency would see the light of day under the name Libra. Meta unleashed the full idea on the world in 2019, when the company was still known as Facebook. The promises were grand, as the currency would bring financial capabilities to truly the entire world. A handful of players would be in charge of managing the closed digital currency, for which Mastercard, Visa and PayPal, among others, already signed up.
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Meta does not appear to be getting its own crypto currency after all
Both in Europe and America, regulators expressed concerns about the currency. This was mainly due to Meta’s dominance and the fact that applications supported by Libra would be integrated exclusively into WhatsApp and Messenger.
To appease regulators, Facebook launched a new idea for a crypto currency. The name Libra was thrown in the trash and the crypto currency would launch under the name Diem. Even before the coin sees the light of day, it now appears that the coin is being dismissed by its administrators themselves. The Diem Association did not yet comment on the news.