For
several months, social networks have been buzzing with the news that Facebook,
now Meta, is launching a new digital coin in the cryptocurrency market, but
despite several announcements, the project has not gotten off the ground. Today, the
authoritative publication Bloomberg stated that the Diem stablecoin project is literally
falling apart under strong pressure from regulators. Moreover, according to their
source, the Diem Association is now considering all possible ways to sell its intellectual
property and other assets to somehow compensate the investor members for their
investments and avoid a huge scandal. At the same time, the company is looking
for new vacancies for its specialists involved in the high-profile project.
The
first rumors that the Diem project was on the brink of
collapse appeared after the mass dismissal of employees that
took place in late autumn last year. One of the
most ominous signs was the departure of the company's
leading expert, head of Meta's financial products division David
Marcus. It was at that point that large investors began to panic since Markus
was an official who defended the cryptocurrency project before the United
States Senate and was actively involved in the development of the Novi digital
wallet.
It is
worth noting that the Facebook stablecoin project faced serious challengesfrom both domestic and international regulatory authorities from
its inception. The Diem project was the subject of several complaints
due to non-compliance with the SPS recommendations. Independent
analysts believe that until the regulator develops clear standards for all
stablecoins, no cryptocurrency project, including Diem, has a chance to gain
the support of the regulators. Only in this case, innovators
will be able to secure effective cooperation with payment,
settlement, and clearing systems.
Bloomberg
is convinced that the latest serious blow to the
Diem Association was the FRS's behavior, which put enormous pressure on Silvergate, the banking
partner that planned to actively cooperate with the cryptocurrency
project and was going to be its issuer.
If thesource's information turns out to be true and Diem is
really trying to sell off its property, this will also deal a
serious reputational blow to the Meta project.
According to the original plan, the non-profit organization Libra was supposed
to be backed by several currencies at once, but all
regulators opposed this. It was later decided to peg digital coins
to the US dollar, but this state of affairs did not satisfy the US
authorities.