Regulatory scrutiny dealt the 'final blow'. 🤓 engineering
In 2019, Facebook announced that it had set up the Libra Association, later renamed the Diem Association. This
not-for-profit organization was headquartered in Geneva, Switzerland, and it was created to manage the new cryptocurrency. It turns out that the association is now looking to sell its assets, citing heavy resistance from regulators to the digital currency created by the Facebook company, which now goes byAmid regulatory scrutiny, Diem's founder David Marcus, left Meta last year. However, it was resistance from the U.S. Federal Reserve aimed at one of Diem's key banking partners, Silvergate Capital Corp.
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