Report: Zuckerberg is embracing the idea of ​​launching a cryptocurrency

Mark Zuckerberg’s ambitious plan to launch its own cryptocurrency has begun with loud applause, but is now receiving a weak response in the face of growing regulatory pressure, according to a report released by the Bloomberg network.

The body entrusted with the development of the digital currency of the meta-company, Diem, is considering selling its assets, in order to return capital to its investors. According to reports, Diam is currently in talks with an investment banker about the next steps, including how to sell its intellectual property, in an effort to extract all the remaining value. According to the cited sources, the company is also trying to find a new target for the engineers who developed this technology.

Discussions are apparently still in the early stages, and there is no guarantee that the currency will find a buyer. Even so, the report noted, it is unclear how it will determine value for the intellectual property of the project, or for the engineers who developed it. Union Square Ventures and Ribbit Capital.

Zuckerberg’s besieged crypto project was first announced in June 2019, but was immediately met with hostility by central bankers and politicians, who feared it might facilitate malicious activities such as money laundering and invasion of privacy, as well as a huge rivalry to sovereign currencies like the US dollar. Eventually, the vision of the cryptocurrency was reduced to a stability currency backed by the US dollar known as the Diem USD.

Along the way, the project suffered a loss of top-tier partners and executives. Despite the backing it gained most of the way multiple partners, after Zuckerberg turned to Capitol Hill to protect the project, some key partners like Visa, MasterCard and PayPal abandoned the project. In November of last year, David Marcus, head of Meta’s cryptocurrency project, announced that he too would be leaving.

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