Libra was a digital currency project introduced by Facebook (now Meta) in 2019, aimed at creating a stable, global financial system accessible to everyone. The project was later rebranded as Diem due to regulatory challenges and public scrutiny.

Key Features of Libra (Diem):

• Stablecoin Model: Libra was initially planned to be backed by a basket of global currencies and assets to maintain stability.
• Blockchain-Based: It was designed to operate on a permissioned blockchain, ensuring fast and efficient transactions.
• Decentralized Governance: The Libra Association, composed of multiple companies and organizations, was set up to govern the network.
• Financial Inclusion: Libra aimed to provide banking services to unbanked populations worldwide.

Regulatory Challenges & Rebranding to Diem

Due to concerns about financial stability, money laundering, and central bank control, regulators worldwide opposed Libra. In response, Facebook rebranded the project as Diem in 2020, shifting focus towards a USD-pegged stablecoin. However, Diem was ultimately shut down in early 2022, with its assets sold to Silvergate Bank.

Libra (later Diem) was an ambitious attempt to revolutionize global finance but faced strong regulatory resistance. While the project was discontinued, its concept influenced the rise of central bank digital currencies (CBDCs) and stablecoin regulations.