Future Industry and Finance: Facebook Announces Libra Cryptocurrency Project

In June 2019, Facebook (now Meta) announced its digital currency initiative, Libra (later renamed Diem). The project aimed to create a global digital currency backed by a reserve of fiat currencies and government securities. Despite garnering support from prominent financial and technology companies, including Visa and Mastercard, it immediately faced intense scrutiny from regulators worldwide.

Key concerns included its potential threat to monetary sovereignty, risks to global financial stability, and its potential use for money laundering. This event marked a significant challenge by a major technology firm to the traditional global financial order and accelerated global discussions and development of Central Bank Digital Currencies (CBDCs).