THELOGICALINDIAN - Another one bites the dust The Diem activity is asleep according to Bloomberg The address comes from bearding sources and does its best not to assure annihilation However because the projects arch David Marcus larboard the aggregation two months ago and Diems bizarre history its not adamantine to accept Apparently Meta Facebook is because affairs the projects assets and technology to pay off investors
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Why are they accomplishing it? According to the article, Diem “is unraveling afterwards authoritative pressure” and “resistance from the U.S. Federal Reserve dealt the accomplishment a final blow.” Considering Mark Zuckerberg already explained Diem afore Congress, and all the pivots and name changes the activity aforetime accepted as Libra took, this is a huge blow. Not alone that, “there’s no agreement Diem will acquisition a buyer.”
Why Does The US Government Fear Diem?
Facebook is too able and already has a billion users. Not alone that, they ascendancy what acclimated to be the classified advertisements business all over the world. All billion bodies aback application Meta’s stablecoin at the aforementioned time, that’s a accident the Federal Reserve is not accommodating to take.
After angry the regulators for years, and adjusting the activity to article added affiliated to what they could approve, Meta assuredly gave up. The government will not let them do it, but maybe addition abroad can use the technology they developed. What are they allegedly aggravating to do?
This adherence to the developers comes as no surprise, back Marcus alone the project he said:
So, What Was The Plan?
One thing’s for sure, Meta gave it all. The President’s Working Group on Financial Markets fabricated bright that “Stablecoin issuers should be adapted banks if the tokens are to be acclimated as a agency of affairs and affairs things.” So, Meta partnered up with Silvergate. The abstraction was for “the arch coffer for avant-garde businesses in fintech and cryptocurrency,” as Silvergate’s website claims, to affair Diem.
Even that didn’t work, Bloomberg again:
Reportedly, that was the harbinger that bankrupt the camel’s back.
What Does The Twitterati Think About Diem ‘s Demise?
Bitcoin apostle and Casa’s CTO Jameson Lopp tweeted, “We knew Libra was DOA as anon as Zuck said they wouldn’t do annihilation after accepting permission from regulators first.” The man, the myth, the fable Adam Back responded, “IMO why the US regulators and political arrangement reacted so fast and abnormally to libra was to assure the USD from privatised seigniorage.”
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For her part, journalist, podcaster, and El Salvador’s citizen Stacy Herbert said, “This is why El Salvador is bitcoin only. All sh**coins are accessible to authoritative abolishment or arch controlling rug pull.”
