When cryptocurrency was starting to gain traction it came under heavy fire from not only government but also companies. Companies such as Facebook, Twitter etc all banned crypto related ads only to later announce they were now in the process of launching their own. Facebook had a number of projects Diem and Meta.
Libra was set to launch a few years ago as a stablecoin offered by the company Facebook. However it got slammed with regulations to the point the project was pulled back and rethought about how it would work. This created a new project called Diem which essentially was the same thing as Libra but as a set stablecoin was it's only goal.
A way to transfer money from one place to another almost instantly with little to no paperwork (since it's all on a public ledger) and lower fees then banks charge.
In theory a good stablecoin with such implications would be a tool to really kick up the velocity of money around the world.
This set Facebook to relaunch under the name Meta as they have been getting hammered by the public about shady things they have done in the past and with them trying to save face and get into the trending topic of the metaverse. We saw some weird VR envision of the metaverse from Mark Zuckerberg and for some reason a few people thought it was great while many others triggered warning alarms.
Maybe the best thing the government has done is slap and attack large companies like this from launching their own tokens, stablecoins and metaverses. Would we really want these large companies now in control of the very thing that is suppose to keep them out and replace them a vision I feel has been greatly lost by the majority which is restoring value back to people instead of concentrating it into a few mega corporations.
In any case Facebook is now backing down from all of its projects in Meta and stable coins as over the last few years they have been going for it continue to hit blocks from the goverment.
The government has talked about launching their own CBDC but will they? I think they wont. Imagine having a public ledger where everyone could see where your tax dollars are going. Imagine how much backlash now that there's definitive proof that your tax money is going to stupid shit, other countries and just flat out being wasted in droves.
We see stablecoins growing in popularity and companies such as Paypal also attempting to get involved with it as well. It's an attractive means for any business. A token you completely control pegged at $1 USD
Just look at what paypal is doing trying to weasel their way in as well.
Will all of these company large cap stable coin variations get nixed after all of these confusing messages from the SEC. It really begs the question if people and now including companies care anything about governments. Make no mistake about it governments in general have been losing face the last 20 years at a more rapid pace than ever before. Not just one I'm talking world wide.
What are you thoughts will Paypal launch their own stablecoin or by shut down just like Facebook?
Will crypto hold its own and still have a chance at being the great vision it once had restoring value to people and not companies?
