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What cryptocurrency did Facebook start?
Libra was a cryptocurrency created by Facebook, designed to be a simple, low-fee stablecoin to be used around the world. The digital currency was renamed Diem in 2020 and in 2022, was wound down in 2022.
What happened to Facebook cryptocurrency?
The Diem project, launched by Facebook as "Libra" in 2019, is shutting down following scrutiny from financial regulators. The so-called stablecoin was to be pegged to the US dollar.
Is Facebook making a coin?
At this time it was known as "GlobalCoin" or "Facebook Coin". The project was formally announced on June 18, 2019, under the name Libra. The creators of the coin are listed as Morgan Beller, David Marcus and Kevin Weil (Novi's VP of Product). The first release was planned for 2020.
Why did Facebook stop Libra?
They said they wanted to revolutionize the global financial system. The project ran in to fierce opposition from policymakers alarmed that Libra could give Facebook too much control over the money system, and infringe on users' privacy.
Why is Facebook creating a cryptocurrency?
2021 follows: Facebook is on the cusp of launching an ambitious new cryptocurrency-based payment system that it says will boost financial inclusion and slash transaction fees. But experts have questioned whether the technology will really achieve those goals.