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Thành Phố New York (phunutiepthi.vn Business)In June 2019, after years of being under scrutiny for the impact its platforms have on society, Facebook unveiled one of its most ambitious projects yet: a cryptocurrency called Libra, which would be backed by an international consortium of companies. The effort had such lofty goals as providing financial services khổng lồ the underbanked and extending the social truyền thông company"s mission of connecting the world into the burgeoning market for digital money.




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Libra was originally slated to lớn launch within less than a year. Two & a half years later, the project — renamed Diem last year — has officially unraveled after various setbacks và regulatory pressure made it impossible khổng lồ get off the ground.
On Monday, the Facebook-backed Diem Association announced it would dissolve sầu và sell off the intellectual property and other assets related khổng lồ running its planned cryptocurrency network to lớn Silvergate Capital Corporation, in a khuyến mãi valued at $182 million. The Diem Association expects lớn begin "winding down" in the coming weeks, according to lớn the announcement.
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The structure & governance of the project was complicated from the get-go, which likely didn"t help garner regulatory support. Though Facebook launched the project, the company said it would not govern Libra và its reserve; that duty would fall to lớn the Switzerland-based Libra Association, a group initially comprised of more than two-dozen companies and nonprofits that included Facebook (FB) but also PayPal (PYPL), Lyft (LYFT) và others. Facebook started an internal unit called Calibra, which was lớn create a digital wallet that people could connect khổng lồ using their Facebook accounts to send and receive sầu Libra. But it also said other companies would be able to lớn create Libra wallets.
Regulators và lawmakers in the United States & elsewhere were almost immediately suspicious of a new currency that would be available to Facebook"s billions of users at a time when most countries lack the regulatory infrastructure to effectively oversee digital money. They worried that Libra could threaten national currencies lượt thích the US dollar & financial markets, và that it could enable cybercrimes và compromise user privacy. They also worried that the project could give sầu Facebook even more power.


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"We need to get the message loud and clear khổng lồ Zuckerberg that he"s not a country on his own and he cannot always have sầu it his way," Rep. Sylvia Garcia, a Texas Democrat, told reporters months after the project was introduced. Some of the Libra Association"s founding partners, including PayPal, Mastercard and Visa, pulled out of the project as regulatory scrutiny ramped up.
Facebook and members of the Libra Association made efforts to engage with regulators, including in Congressional hearings, và made promises lớn comply with US anti-money laundering & "know your customer" laws, as banks must.
In his statement Monday, Diem"s Levey said the project had "evolved substantially & improved" as a result of feedbachồng from regulators và governments around the world.
Still, the project dragged on with limited progress. In May 20trăng tròn, Facebook renamed the Calibra payments unit khổng lồ "Novi." About six months later, the Libra Association rebranded as "Diem" to lớn reflect a new, scaled bachồng nature — the coin would now be backed only by the US dollar — & an attempt khổng lồ distance the effort from Facebook"s early flop in announcing Libra.
In October 2021, Facebook launched a pilot of its Novi digital wallet, but without Diem. Users could instead send & receive sầu a different digital coin. Shortly after, David Marcus, the leader of Novi who had spearheaded the Libra project, left the company khổng lồ pursue other projects.
Marcus hinted at the role Facebook"s tainted reputation may have sầu played in the project"s demise in a series of tweets Monday.


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"We gave sầu our whole hearts, blood, sweat và tears lớn what I will always Điện thoại tư vấn Libra," Marcus said. "We were mission driven & in it for the right reasons (that remain as valid today as they were then). Here"s to lớn yet another chapter with a maybe more "acceptable" promoter driving the vision forward."