Novi users will lose all access to the wallet in September as Meta urges them to withdraw their funds, ending the roller coaster that has been the Diem project.
Meta is allegedly hoping to launch virtual coins to be used on the platform. The move comes after the firm suffered a $230 billion or a 25% drop in the value of its stock in a single day in February.
BSV blockchain will be at the center of the first BSV Global Blockchain Convention. The three-day event will be held in Dubai from May 24 to 26 at the Grand Hyatt Hotel.
Diem is reportedly in talks with Silvergate Bank for the sale of the Diem project’s assets as it seeks to refund the early investors such as Coinbase and a16z.
Five U.S. lawmakers wrote a letter to Zuckerberg urging him to discontinue the Novi and Diem ventures, stating that Facebook can’t be trusted to manage a digital currency.
Facebook has faced an uphill task bringing regulators onboard with its Diem payment system, even after pouring millions into lobbying and rebranding efforts.
The project, formerly known as Libra, had been envisaging a worldwide roll-out for its stablecoin, which it had planned would be pegged to a weighted basket of international currencies.
Formerly known as Libra, the token is expected to be launched as part of a small test project in the coming month, during which time it will only be pegged to the value of the U.S. dollar.
The stablecoins caused consternation in the U.K. when its launch was originally mooted back in 2019, in common with governments and central banks elsewhere in the world.
A staunch critic of Silicon Valley, writer and journalist David Gerard offers a stinging critique of Facebook’s cryptocurrency project.
There has been no sign of slowing down for the digital currency industry as the recent G7 meeting concluded that world governments agree on digital assets regulations.