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Diem was successfully doomed from the beginning, the individuals conversant in the hassle mentioned. It was introduced in 2019 with nice fanfare below the identify Libra. International governments, members of Congress and regulators expressed fears concerning the mission instantly, saying Fb wasn’t ready to handle issues about cash laundering, shopper safety and different potential monetary dangers. Two years later, after a rebranding to Diem and an overhaul of the mission’s design in order that it could be pegged to the U.S. greenback to create extra stability, it confronted even higher resistance from regulators, who mentioned the corporate acted arrogantly, based on one of many individuals.
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