Mark Zuckerberg Dizzy, Crypto Money Making Plans Die Messed Because Of This

Mark Zuckerberg's cryptocurrency is in danger of failing. (Vox)

JAKARTA - Mark Zuckerberg's plan to create a cryptocurrency has fallen apart, after the regulator has tightened its regulations. This concerns the Diem cryptocurrency which is currently being worked on. According to a report from Bloomberg, the Diem Association, which oversees the development of the Diem cryptocurrency, is considering selling the asset for a return on investment to its investors.

Sources who spoke to Bloomberg said the company is also trying to find new destinations for the engineers developing the technology. One of the sources also stated that Meta owns approximately one-third of the business, the rest is owned by associate members, such as Andreessen Horowitz, Union Square Ventures, and Ribbit Capital.

Reporting from CNBC Indonesia, Friday January 28, a spokesman for the association declined to comment, while Meta did not respond to requests for comment. Diem is reportedly in talks with investment bankers about his next steps. That includes selling its intellectual property to capture the remaining value.

Mark Zuckerberg's Cryptocurrency Has Been Downhill Since 2019

Zuckerberg's cryptocurrency project has actually been hindered by drama since it was first announced in June 2019. At that time, the cryptocurrency called Libra was originally considered a stablecoin which is a special subset of cryptocurrencies with values pegged to real-world assets, such as fiat currencies such as the US dollar and foreign currencies, even gold.

In the case of the Facebook founder's stablecoin, the original plan was to launch a universal currency linked to many major currencies as well as government debt. Unfortunately, the project was immediately opposed by bankers and politicians. They fear it could facilitate all forms of malicious and criminal acts, such as money laundering and invasion of privacy, and prove a formidable rival to sovereign currencies such as the US dollar.

After experiencing regulatory backlash, the project has finally reached the concept of launching several stablecoins. So, each will be pegged to the original currency. This is with the addition of one multicurrency coin. The project ended with the vision narrowed down to a US dollar-backed stablecoin known as Diem USD.