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⚠️ Libra: Facebook’s Failed Crypto Ambition
In 2019, Facebook (now Meta) announced Libra, a global digital currency backed by a basket of fiat assets. The goal? To create a borderless, stable digital money accessible through Facebook, WhatsApp, and Instagram.
🌍 With over 2 billion users, Libra had the potential to change global finance — giving people in developing countries access to digital payments without banks.
💣 But regulators around the world quickly pushed back. Concerns about monetary sovereignty, data privacy, and centralized control led to massive opposition from governments and central banks.
🔄 The project was renamed Diem in an attempt to regain momentum, but by early 2022, it was shut down entirely. Its assets were sold to Silvergate Bank, and the dream faded.
📢 Libra’s failure became a powerful lesson: big tech and money don’t mix easily, especially when global finance is at stake.
🏷️ #Libra
#Diem
#FacebookCrypto
#CryptoRegulation
#CryptoHistory
In 2019, Facebook (now Meta) announced Libra, a global digital currency backed by a basket of fiat assets. The goal? To create a borderless, stable digital money accessible through Facebook, WhatsApp, and Instagram.
🌍 With over 2 billion users, Libra had the potential to change global finance — giving people in developing countries access to digital payments without banks.
💣 But regulators around the world quickly pushed back. Concerns about monetary sovereignty, data privacy, and centralized control led to massive opposition from governments and central banks.
🔄 The project was renamed Diem in an attempt to regain momentum, but by early 2022, it was shut down entirely. Its assets were sold to Silvergate Bank, and the dream faded.
📢 Libra’s failure became a powerful lesson: big tech and money don’t mix easily, especially when global finance is at stake.
🏷️ #Libra
#Diem
#FacebookCrypto
#CryptoRegulation
#CryptoHistory
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