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The Death of Meta's Libra: A 100% 'Political Kill' – Bitcoin.com News

Meta’s Libra, the proposed digital currency from Facebook’s parent company, has met its demise due to what experts are calling a “100% political kill.” The ambitious project faced intense scrutiny and regulatory pushback from governments around the world, ultimately leading to its downfall.

Originally announced in June 2019, Libra aimed to revolutionize the way people send and receive money across borders. However, concerns over privacy, security, and potential misuse for illegal activities quickly emerged. Governments worried about the impact Libra could have on their monetary systems and the potential for money laundering and terrorist financing.

Despite attempts to address these concerns and rebrand as “Diem,” the project continued to face opposition. In December 2021, Meta officially announced that it was shutting down the project.

The death of Libra serves as a cautionary tale for companies looking to launch their own digital currencies. It highlights the importance of navigating complex regulatory environments and building trust with governments and regulators. Ultimately, the fate of Libra demonstrates the significant influence that politics can have on the success or failure of such projects.

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