What was Libra?

Libra was a proposed cryptocurrency project by Facebook (now Meta), initially announced in 2019, aiming to create a global stablecoin built on blockchain technology.

What was the primary goal of the Libra project?

Its primary goal was to provide a stable digital currency for everyday transactions, particularly for the unbanked, and to facilitate affordable global financial services.

Why did Libra face significant regulatory scrutiny?

Regulators worldwide expressed concerns about its potential impact on financial stability, data privacy, money laundering, and the immense economic power of Facebook (Meta).

What happened to the Libra project?

Due to intense regulatory pressure, the project rebranded as Diem in 2020. The Diem Association eventually sold its assets to Silvergate Capital in January 2022, effectively ending the initiative.