Allegations emerge that Janet Yellen vetoed theLibra/Diem stablecoin project, according to David Marcus.
The Libra/Diem stablecoin project, unveiled in June 2019, has been discontinued. The shutdown of this collaborative effort involving multiple brands, including Facebook, Visa, Mastercard, PayPal, and Stripe, was initiated due to political moves.
The catalyst for these political moves can be traced back to discussions by venture capitalist Marc Andreessen about the de-banking of cryptocurrency firms on the Joe Rogan show last week. This discussion seemed to set off a chain reaction, leading to the eventual shutdown of the Libra project in January 2022.
The Libra project, from its inception, sparked concerns among politicians, regulatory authorities, and central banks worldwide. The proposed digital currency was met with opposition due to fears about privacy risks, currency stability, anti-money laundering, and the concentration of financial power in a private company like Facebook. These concerns led to massive regulatory pressure, culminating in the project's demise.
The announcement of the Libra project caused a state of collective panic among central banks around the world. The potential disruption to traditional financial systems was a cause for concern, leading to increased scrutiny and eventual regulatory pressure.
David Marcus, co-founder of the Libra/Diem stablecoin project, published a post describing the shutdown of the project. In the post, Marcus acknowledged the challenges faced by the project and expressed his disappointment at its demise.
Despite the panic and controversy surrounding the Libra project, it marked a significant step in the evolution of digital currencies. The shutdown of the project, linked to discussions on a popular podcast, serves as a reminder of the complex interplay between technology, finance, and politics in the digital age.
As we move forward, it will be interesting to see how the landscape of digital currencies evolves, and whether we will witness the re-emergence of projects similar to Libra in the future.
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