The project caught the attention of many investors and generated a lot of buzz in the crypto community.However, things didn't go as planned.One of the major setbacks that the project faced was the intense regulatory scrutiny from different authorities around the world.Many policymakers and central bankers expressed their concerns over Diem's potential impact on monetary policy, financial stability, and consumer protection. We will also delve into the history of Facebook’s previous attempt at a digital currency, Diem, and explore what happened to it.Join us as we explore the ins and outs of Facebook’s plans for cryptocurrency and question whether or not they will succeed with their ambitious plan.What happened to Diem?Diem, formerly known as Libra, is a digital currency proposed by Facebook.Initially, it aimed to revolutionize the global financial system by providing a decentralized cryptocurrency that can be used by anyone, anywhere. Diem Is Dead, But Facebook Isnt Done With CryptoĪs we delve into the world of cryptocurrency, the name Facebook is not one that is easily overlooked.With the launch of their new digital currency, Libra, the social media giant has generated quite the buzz.However, Facebook’s aspirations in the crypto industry have not been without controversy.This blog post aims to investigate the current state of Facebook’s crypto ambitions, with a particular focus on their Libra project.
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