Facebook’s controversial crypto currency is dead

This week what many saw coming happened: the ambitious attempt by Facebook parent company Meta to start its own crypto currency with the ‘diem’ died a quiet death. Still, the desire for a digital world currency is certainly not defunct. Stability is still a point of concern.

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The Diem Group, the organization that was founded to give Meta’s digital currency diem (previously: libra) a new start, has sold off all its intellectual property and technological assets. The deal, paid in part in new shares, is valued at nearly 160 million euros converted.

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With that, Facebook’s plan, which has been on everyone’s mind since June 2019, seems to have officially come to an end. Almost immediately after the announcement, sweat broke out among central bankers and regulators. A tech giant with the financial clout of Facebook, coming up with its own unregulated currency, that could very quickly become a success.