The post Former Libra Head Details Political Pressure That Ended Meta’s Digital Currency appeared on BitcoinEthereumNews.com.

TLDR Meta’s Libra project, aimed at creating a global digital payment network, was shut down due to political pressure rather than regulatory issues Treasury Secretary Janet Yellen warned Fed Chair Powell that supporting Libra would be “political suicide” The project had already addressed regulatory concerns and made multiple concessions by Spring 2021 Federal Reserve used indirect pressure on banking institutions to end the project David Marcus, former Libra head, reveals this information after years of silence Meta’s ambitious digital currency project Libra, which aimed to revolutionize global payments, met its end not through regulatory hurdles but through political pressure, according to recent revelations from David Marcus, the project’s former head. The project, announced in 2019, started with strong backing from 28 companies, including major players like Visa, Mastercard, and PayPal. It promised to create a new digital currency that would make sending money across borders as simple as sending a text message. From the beginning, Libra faced intense scrutiny. Marcus spent countless hours testifying before Congress, meeting with regulators, and working to address concerns about financial crime, money laundering, and consumer protection. The team made numerous changes to the original vision to satisfy regulatory requirements. By spring 2021, after two years of modifications and discussions, the project had addressed every regulatory concern raised by authorities. Several members of the Federal Reserve’s Board of Governors supported a limited pilot program, and Fed Chair Jerome Powell appeared ready to allow the project to move forward. However, according to Marcus’s account, shared recently on social media, the project’s fate was sealed during a bi-weekly meeting between Powell and Treasury Secretary Janet Yellen. During this meeting, Yellen allegedly warned Powell that supporting the project would be “political suicide” and that she would not support him if he allowed it to proceed. The Federal Reserve…

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Filed under: News - @ December 2, 2024 12:27 pm