Facebook bails from cryptocurrency game and sells its controversial project | Fin24 – News24

The Facebook-backed digital currency project Diem announced Monday the winding down and $182-million sale of its technology, capping a years-long initiative that drew significant concern from regulators. Picture: Bloomberg Facebook-backed digital currency project Diem, previously called Libra, announced the winding down and $182-million sale of its technologyFacebook’s announcement in 2019 of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officialsThe Diem asset sale “is another red flag on crypto,” an analyst saidThe Facebook-backed digital currency project Diem announced Monday the winding down and $182-million sale of its technology, capping a years-long initiative that drew significant concern from regulators.Facebook’s announcement in 2019 of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials, who expressed a barrage of criticism about the security and reliability of a private network.”The idea of Facebook doing a cryptocurrency was a bridge too far for regulators,” said analyst Rob Enderle of Enderle Group.”They have made it clear they don’t trust Facebook with what they are doing now, so sure as heck were not going to let it go into the money business.”Diem Networks’ US CEO Stuart Levey said in a statement that the…
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