David Marcus accuses Janet Yellen of vetoing the Libra/Diem digital currency project.
The Libra project, a significant event in the world of cryptocurrency and finance, was announced in June 2019 by David Marcus, co-founder of the Libra/Diem stablecoin project, at Meta (formerly Facebook). The project, which involved the participation of Facebook and other well-known brands such as Visa, Mastercard, PayPal, and Stripe, was met with much anticipation due to the potential disruption it could bring to the traditional financial system.
However, the Libra project was quickly met with opposition and political maneuvers aimed at halting its progress. This was largely due to a discussion by venture capitalist Marc Andreessen about de-banking cryptocurrency firms on the Joe Rogan show, which served as a catalyst for the political moves against the Libra project.
The unveiling of the Libra project caused a collective panic among central banks worldwide, as it threatened to challenge the dominance of traditional financial institutions. The association of the Libra project with a state of collective unease among central banks further fueled the opposition it faced.
Despite its initial promises and the involvement of major players, the Libra project was unable to overcome the opposition it faced. In a recent post, David Marcus detailed the circumstances leading to the "death" of the project, although it has since been rebranded as Diem.
The Libra Association, founded alongside Meta's David Marcus, included founding members such as representatives from companies like Visa, Mastercard, PayPal, Uber, and Spotify. However, the individual founders' names besides David Marcus are not specified in the provided search results.
The political moves to shut down the Libra project ultimately proved successful, as the project is no longer in active development. The fall of the Libra project serves as a reminder of the challenges faced by cryptocurrency projects seeking to disrupt the traditional financial system, and the role that politics can play in shaping their future.
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