The Diem Association said it would close down by selling the network and other intellectual property. At the same time, it ends Meta’s ambition to get billions of its users to transact in its own currency. This was stated by the Reuters agency.
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The sale of the property is the culmination of Diem’s several-year struggle for survival. Last fall, it experienced a large outflow of staff and lost most of its management, including CEO David Marcus. The sale also raises the question of how Meta will handle metaverse trading, a futuristic digital environment that Meta CEO Mark Zuckerberg called a “mobile internet successor.” Visions of this world vary, but many early projects involve transactions in digital goods and services using cryptocurrencies.
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The Diem project was introduced in 2019, then still under the name Libra. Almost immediately, however, it met with sharp opposition from regulators, who feared that the operator of the social network Facebook could gain too much control over the monetary system and invade users’ privacy. In an effort to gain regulatory approval, Facebook has renamed both the digital currency and the digital transaction processing wallet, radically curtailed its plans and relocated Diem’s operations from Switzerland to the United States. His goal was to create a so-called stablecoin, a currency pegged to the US dollar.
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Meta is now testing its digital wallet in Guatemala and the United States. But he continues to face opposition from a group of U.S. lawmakers who say the company can’t be trusted to manage cryptocurrencies.
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