Allegations surface that Janet Yellen blocked the formation of the Libra/Diem stablecoin, according to David Marcus.
The Libra project, a significant venture that promised to revolutionise the digital currency landscape, has been shut down or significantly altered. The project, unveiled in June 2019 with Facebook's involvement and the participation of 27 other major brands, including Visa, Mastercard, PayPal, and Stripe, was initially met with enthusiasm. However, concerns raised by central banks worldwide led to a collective panic and eventually, political moves to halt the project.
The Libra project was intended to be a stablecoin project, specifically the Diem stablecoin. Its unveiling sent ripples through the financial world, with central banks around the globe expressing concerns about the potential impact on monetary policy, financial stability, and consumer protection.
One of the key events that may have influenced the political moves to shut down the Libra project was a discussion about the de-banking of cryptocurrency firms on the Joe Rogan show, led by venture capitalist Marc Andreessen. His insights may have added fuel to the concerns already raised by central banks.
David Marcus, co-founder of the Libra/Diem stablecoin project at Meta (Facebook), recently published a post titled "How Libra was killed," shedding light on the events leading to the project's demise. The post provides an interesting perspective on the challenges faced and the political manoeuvrings that led to the project's alteration or shutdown.
The shutdown or alteration of the Libra project may have far-reaching implications for the cryptocurrency industry. As the industry continues to evolve, it will be interesting to see how this development affects future projects and the regulatory environment surrounding digital currencies.
Read also:
- Ford Discontinues Popular Top-Seller in Staggering Shift, Labeled as a "Model T Event"
- 2025 Witnesses a 27% Surge in Worldwide Electric Vehicle Sales, Despite Opposition to Electrification Policies in the U.S.
- Recorded surge in electric vehicle registrations during the initial half of the year
- Dubai-bound: Omega Seiki Mobility, an electric vehicle company from India, prepares for assembly establishment
