What are the reasons behind the failure of Facebook Libra cryptocurrency?

3 answers

• Nov 29, 2021 · 3 years ago
  One of the main reasons behind the failure of Facebook Libra cryptocurrency was the intense regulatory scrutiny it faced. Governments and regulatory bodies around the world expressed concerns about the potential impact of Libra on the global financial system and the potential for money laundering and other illegal activities. This led to increased regulatory pressure and skepticism towards the project, making it difficult for Facebook to gain the necessary approvals and support to launch Libra.
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• Nov 29, 2021 · 3 years ago
  Another reason for the failure of Facebook Libra was the lack of trust and credibility associated with Facebook itself. Facebook has faced numerous privacy scandals and controversies in the past, which eroded public trust in the company. This lack of trust extended to the Libra project, with many people skeptical about Facebook's ability to handle a global cryptocurrency and protect user data. The association of Libra with Facebook also raised concerns about centralized control and the potential for abuse of power.
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• Nov 29, 2021 · 3 years ago
  From my experience at BYDFi, I can say that another factor that contributed to the failure of Facebook Libra was the resistance from existing financial institutions and governments. The traditional financial industry saw Libra as a potential threat to their business models and monetary sovereignty. They lobbied against Libra and actively worked to block its development and launch. This resistance from powerful stakeholders made it challenging for Facebook to gain the necessary partnerships and support to make Libra a success.
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