Facebook's Diem digital currency is dead 😵 That's according to Bloomberg News, which reveals the Diem Association is considering whether to sell its intellectual property ❌
Politicians and central banks wasted little time in declaring that Libra had the potential to undermine the U.S. dollar and trigger financial stability — with some even claiming that this digital asset could do more harm to America than 9/11. Others argued that the tech giant was unfit to operate a private currency following a string of controversies.
Perhaps surprised by the extent of the pushback, Zuckerberg went back to the drawing board — rebranding Libra as Diem, and watering down the proposals. But there has been little in the way of progress over recent months, and some telling developments that indicate Diem has fallen by the wayside. Novi — the digital wallet that is backed by Meta — has begun trials in parts of the U.S. and Guatemala. An integration into WhatsApp is also being piloted. But crucially, these tests have been relying on the Paxos Dollar in order to complete transactions rather than Diem.
Another worrying sign came when David Marcus, an executive who had played an instrumental role in leaving Novi,
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