This is the second time when Mark Zuckerberg's bitcoin project seems to go off track, and the main reason behind it would be the regulatory pressure.
It has been a long time since Diem was introduced in the year 2019 by Facebook and how it was meant to work as an alternative currency for the US Dollar. This is the second time when Mark Zuckerberg's bitcoin project seems to go off track, and the main reason behind it would be the regulatory pressure.
Apart from facing regulatory pressure, bitcoin was known to elude with the investor's privacy, which is not a preferable thing. All these challenges resulted in the selling of each and every asset under or with the Diem project.
Why were Diem Project’s assets sold?
The very main purpose of putting Diem's assets on the sale was to refund every single investor in this project to maintain the reputation as it was backed by Facebook.
The project, firstly known as Libra, found the best way to repay the investors, but the evaluation process is not known till now.
The managing committee of Diem is getting into contact with investment banks to carry on with their sale in the most profitable manner.
If investment banks are not interested in buying the assets of Diem, there is no specified buyer of these assets, and things can be a bit challenging for the managing committee of the Diem project.
The reasons behind these conditions are that this coin was introduced/ launched without any confirmations with the regulatory committee, and all this has resulted in the sail of Diem's assets.
Without a bitcoin working in the regulatory policies, things can turn out to be really challenging as it did for Diem, reported Get india news. Sensing or predicting this threat in advance, some of the investors in Diem backed up a few months back only.
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