Meta Decides to End 'Diem', the Digital Currency Project It Has Been Working On For Years
Meta (formerly Facebook), which has been planning to launch a digital currency called 'Diem' for years, has decided to terminate this project. In the news, it was stated that the reason behind this might be pressure from the authorities.
Meta (formerly Facebook) announced in the past months that it will change its name to focus on the Metaverse. After this decision of the giant company, it was thought that investments in cryptocurrencies would accelerate. Already, the company has been working on a digital currency for years, and was planning to take big steps in this regard. In fact, the name of this currency was initially 'Libra'; but it was later changed to ' Diem' .
There has been an important development regarding the project in the past months, and the company officials announced that the digital wallet named ' Novi' to support 'Diem' is ready . However, the new news showed that Meta took new decisions regarding this project and ended the 'Diem' digital currency project.
Incoming pressures led to the cancellation of the project
According to the news published by the Wall Street Journal (WSJ), Meta; It has decided to terminate the digital money project, which is planned to include financial giants such as Visa, Mastercard and PayPal. In addition, it was reported by WSJ that the rights of 'Diem' are planned to be sold .
According to the news of Investing, the pressures from the USA on the project and the statements of CEO Mark Zuckerberg about 'Diem' may have caused such a decision to be taken. As it is known, authorities think that cryptocurrencies may damage the control over financial systems and illegal transactions may increase; therefore, he was increasing his pressure on this kind of money.
Although such a decision has been taken, Meta still continues to invest in areas where digital assets are important, such as Metaverse. In addition, news began to come in last week that the company was planning to move into NFTs . In these news we conveyed to you; It was stated that the company is considering creating an NFT market, and it is planned to integrate NFTs into the applications of Facebook and Instagram, the social media platforms connected to Meta.