Facebook’s cryptocurrency project began as an ambitious system, backed by a number of global currencies to reduce costs with global money flows. But after a year of criticism and objections by regulators for a number of reasons, the project was scaled back. Far from the original goal of building a single global currency Diem’s ambition was limited to acting as a payment processor.
One of the biggest objections in Libra’s original pitch was that it could enable financial crime, and Facebook has moved to respond to that with new hires at the Diem Association. The body has hired a number
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