The Wall Street Journal reported on Wednesday, citing a person familiar with the matter, that Meta Platform Inc is winding up its digital currency venture Diem Association, and will sell it to Silvergate Corp for $200 million (about Rs 15 billion). is selling. The project has faced criticism from policy makers since its inception. Experts believe that this project of Meta can eliminate their control over the money system and can also encourage crime. There have also been many questions from experts on Meta regarding the privacy of users.
Due to this, Facebook again changed the name of Libra to ‘Diem’ for regulatory approval.
A recent Bloomberg report suggested that Diem is planning to sell its assets as well.
A Wall Street Journal report suggests that Libra has roped in well-known partners in the e-commerce and payments space, including PayPal Holdings Inc, Visa Inc and Stripe Inc. Experts have expressed concern about Libra that it will have a bad effect on financial stability and data privacy. Furthermore, it can be misused by launderers and terrorist financiers. After this, Federal Reserve Chairman Jerome Powell said that the central bank has serious concerns about this. Meta owner Mark Zuckerberg was called before Congress, where he defended Facebook’s plan to bring financial services to the world’s underbanked.
Meta executive David Marcus also left the company last year. He used to oversee the Diem project. Certainly the criticism and high-ranking executives leaving the project was not good news for Meta.<!–
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