According to a recent report, Facebook (now Meta) plans on creating its own digital currency despite past failures in this space. Mark Zuckerberg and the Masters of the Universe reportedly are looking for the “least regulated” way to offer a cryptocurrency. The company created the Libra cryptocurrency in 2019, rebranded it as “Diem” and closed it down in February 2022.
After intense congressional interrogation, the Facebook leadership appeared to have killed the project. The project was subject to intense scrutiny by politicians around the world. Rep. Brad Sherman (D-CA), went so far as to tell a Facebook executive that creating a Facebook currency would make it worse than 9/11 during a hearing in 2019.
Rep. Sherman called the Facebook currency “Zuck Bucks”, a name that has apparently held up internally. Zuckerberg wants to continue with cryptocurrency projects, so long as they are not subject to government regulation.
According to reports, Meta staffers are hard at work looking for the “lowest regulated way” to offer a digital cryptocurrency. Facebook has not confirmed that the Financial Times report is correct.
Facebook spokesperson stated that they had no new updates at the moment. We are constantly looking at new product ideas for creators, businesses, people. We are a company that is focused on building for the metaverse, which includes financial services and payments.
Stephane Kasriel, head of Facebook’s finance department, sent staff a memo in January. It stated that she was making changes to her product strategy and roadmap.
