Meta ends Diem dream, but will pursue blockchain-based payments

cnbctv18.com:

Meta, formerly Facebook, may have bid adieu to its cryptocurrency project Diem, but it is not done with blockchain yet. In a recent filing with the US Securities and Exchange Commission (SEC) the social media company said its future initiatives including digital wallet Novi may use "blockchain-based assets" such as the USDP stablecoin issued by the Paxos Trust Company."Our future initiatives to support commerce in the metaverse also may use blockchain-based assets in digital payments.

Use of blockchain-based assets in payments are a relatively new and unproven technology, and the laws and regulations surrounding them are uncertain and evolving," the company said in the filing.Meta has stated that such efforts to revolutionise digital payments have been previously met with regulatory scrutiny from governments and regulators across geographies, and it expects the resistance to continue. It's filing with the SEC also explicitly mentions that, while Meta is adequately responding to all entities, regulatory and government actions are likely to have repercussions on its business as well.Also Read:Cryptocurrency big threat to India’s macroeconomic stability: RBI Guv Shaktikanta DasThe company goes on to mention that uncertainty surrounding the market adoption of its digital payment systems is why they cannot commit whether the products will be released in "a timely manner, or at all."Meta's first digital payments project, Diem (formerly known as Libra in 2019), was abandoned mid-development by partners like PayPal, Visa, Mastercard, eBay, which was a massive blow to the initiative.