In June 2019, Facebook revealed its plans to launch Libra after over a year of development and research. The project envisioned a stablecoin backed by fiat currencies that could be used worldwide as a means of exchange.
The move prompted an international regulatory backlash. The project was paused until lawmakers could come to grips with it.
Many of the original members left the project before it got started due to financial firms citing regulatory risks.
Libra Association tightened the project’s scope and announced in April 2020 that it would launch stablecoins that were backed by either a single fiat currency or asset instead.
Libra Association was assembled by Facebook and changed its name to Diem on December 1, 2020 to distance itself from the original vision.
The group had announced that it was gearing up for a potential launch in 2021. The organisation had also finalised its leadership team with Stuart Levey taking the reins as chief executive officer.
Published : Jun 24, 2022
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By : THE NATION