Diem (digital currency)

Morgan Beller started working on cryptocurrency and blockchain at Facebook in 2017, and was initially the only person working on Facebook's blockchain initiative.{{cite web|url=https://www.cnbc.com/2019/07/20/facebook-libra-partly-created-by-female-engineer-morgan-beller.html|title=Meet Morgan Beller, the 26-year-old woman behind Facebook's plan to make its own currency|first=Salvador|last=Rodriguez|work=CNBC Tech|date=July 20, 2019|access-date=July 23, 2019|archive-date=July 20, 2019|archive-url=https://web.archive.org/web/20190720143822/https://www.cnbc.com/2019/07/20/facebook-libra-partly-created-by-female-engineer-morgan-beller.html|url-status=live}} Facebook vice president David A. Marcus moved from Facebook Messenger to a new blockchain division in May 2018.{{Cite web|url=https://www.theverge.com/2018/5/8/17332894/facebook-blockchain-group-employee-reshuffle-restructure-david-marcus-kevin-weil|title=Facebook is creating a mysterious blockchain division|last=Liao|first=Shannon|date=May 8, 2018|website=The Verge|access-date=June 21, 2019|archive-date=June 21, 2019|archive-url=https://web.archive.org/web/20190621204836/https://www.theverge.com/2018/5/8/17332894/facebook-blockchain-group-employee-reshuffle-restructure-david-marcus-kevin-weil|url-status=live}} First reports of Facebook planning a cryptocurrency, with Marcus in charge, emerged a few days later.{{Cite web|url=https://www.theverge.com/2018/5/11/17344318/facebook-cryptocurrency-token-blockchain-report-david-marcus|title=Facebook reportedly plans to launch its own cryptocurrency|last=Gartenberg|first=Chaim|date=May 11, 2018|website=The Verge|access-date=June 21, 2019|archive-date=September 3, 2019|archive-url=https://web.archive.org/web/20190903025128/https://www.theverge.com/2018/5/11/17344318/facebook-cryptocurrency-token-blockchain-report-david-marcus|url-status=live}} By February 2019, there were more than 50 engineers working on the project.{{Cite news|url=https://www.nytimes.com/2019/02/28/technology/cryptocurrency-facebook-telegram.html|title=Facebook and Telegram Are Hoping to Succeed Where Bitcoin Failed|last1=Popper|first1=Nathaniel|date=February 28, 2019|work=The New York Times|access-date=June 21, 2019|last2=Isaac|first2=Mike|language=en-US|issn=0362-4331|archive-date=May 13, 2020|archive-url=https://web.archive.org/web/20200513111204/https://www.nytimes.com/2019/02/28/technology/cryptocurrency-facebook-telegram.html|url-status=live}} Confirmation that Facebook intended a cryptocurrency first emerged in May 2019.{{cite news |last1=Andriotis |first1=AnnaMaria |last2=Hoffman |first2=Liz |last3=Rudegeair |first3=Peter |last4=Horwitz |first4=Jeff |title=Facebook Building Cryptocurrency-Based Payments System |url=https://www.wsj.com/articles/facebook-building-cryptocurrency-based-payments-system-11556837547 |access-date=June 18, 2019 |publisher=The Wall Street Journal |date=May 2, 2019 |url-access=registration |archive-date=June 18, 2019 |archive-url=https://web.archive.org/web/20190618072707/https://www.wsj.com/articles/facebook-building-cryptocurrency-based-payments-system-11556837547 |url-status=live }} At this time it was known as "GlobalCoin" or "Facebook Coin".[https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3351630 Social Media Monopolies and Cryptocurrencies: Facebook's Proposed Coin.] {{Webarchive|url=https://web.archive.org/web/20191018041512/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3351630 |date=October 18, 2019 }} Cybersecurity, Privacy, & Networks eJournal. Social Science Research Network. (SSRN). Accessed June 19, 2019.

The project was formally announced on June 18, 2019, under the name Libra.{{cite news |last1=Isaac |first1=Mike |last2=Popper |first2=Nathaniel |title=Facebook Plans Global Financial System Based on Cryptocurrency |url=https://www.nytimes.com/2019/06/18/technology/facebook-cryptocurrency-libra.html?action=click&module=Top%20Stories&pgtype=Homepage |access-date=June 18, 2019 |work=The New York Times |date=June 18, 2019 |archive-date=May 19, 2020 |archive-url=https://web.archive.org/web/20200519040623/https://www.nytimes.com/2019/06/18/technology/facebook-cryptocurrency-libra.html?action=click&module=Top%20Stories&pgtype=Homepage |url-status=live}}{{cite news |last1=Constine |first1=Josh |title=Facebook announces Libra cryptocurrency: All you need to know |url=https://techcrunch.com/2019/06/18/facebook-libra/ |access-date=June 19, 2019 |publisher=TechCrunch |date=June 18, 2019 |archive-date=May 4, 2020 |archive-url=https://web.archive.org/web/20200504030550/https://techcrunch.com/2019/06/18/facebook-libra/ |url-status=live}} The creators of the coin are listed as Morgan Beller, David Marcus and Kevin Weil (Novi's VP of Product). The first release was planned for 2020.{{Cite news |url=https://www.npr.org/2019/06/18/733701971/facebook-unveils-libra-cryptocurrency-sets-launch-for-2020 |title=Facebook Unveils Libra Cryptocurrency, Sets Launch For 2020 |website=NPR.org |language=en |access-date=June 19, 2019 |archive-date=May 5, 2020 |archive-url=https://web.archive.org/web/20200505222833/https://www.npr.org/2019/06/18/733701971/facebook-unveils-libra-cryptocurrency-sets-launch-for-2020 |url-status=live}} On July 15, 2019, Facebook announced the currency would not launch until all regulatory concerns had been met and Libra had the "appropriate approvals".{{cite news |last1=Bain |first1=Ben |last2=Weinstein |first2=Austin |url=https://www.bloomberg.com/news/articles/2019-07-15/facebook-says-libra-won-t-launch-until-regulators-satisfied |title=Facebook Says Libra Won't Launch Until Regulators Satisfied |work=Bloomberg News |date=July 16, 2019 |access-date=July 16, 2019 |archive-date=October 18, 2020 |archive-url=https://web.archive.org/web/20201018033710/https://www.bloomberg.com/news/articles/2019-07-15/facebook-says-libra-won-t-launch-until-regulators-satisfied |url-status=live}} On September 18, 2019, during a meeting with top Senate Democratic leaders, Mark Zuckerberg said that Libra would not be launched anywhere in the world without first obtaining approval from United States regulators.{{cite news |last=Romm |first=Tony |url=https://www.washingtonpost.com/technology/2019/09/19/facebooks-mark-zuckerberg-dined-with-lawmakers-last-night-privacy-cryptocurrency-were-menu/ |title=Facebook's Mark Zuckerberg seeks to reassure wary lawmakers about Libra, elections in rare D.C. trip |newspaper=The Washington Post |date=September 19, 2019 |access-date=September 20, 2019 |archive-date=October 22, 2020 |archive-url=https://web.archive.org/web/20201022013456/https://www.washingtonpost.com/technology/2019/09/19/facebooks-mark-zuckerberg-dined-with-lawmakers-last-night-privacy-cryptocurrency-were-menu/ |url-status=live }} In October 2019 multiple companies left Libra Association: PayPal left on October 4,{{Cite web|url=https://www.cnbc.com/2019/10/04/paypal-withdraws-from-facebooks-libra-cryptocurrency.html|title=PayPal withdraws from Facebook's libra cryptocurrency|last=Rooney|first=Lauren Feiner, Kate|date=October 4, 2019|website=CNBC|language=en|access-date=October 5, 2019|archive-date=October 4, 2019|archive-url=https://web.archive.org/web/20191004195909/https://www.cnbc.com/2019/10/04/paypal-withdraws-from-facebooks-libra-cryptocurrency.html|url-status=live}} eBay, Mastercard, Stripe, Visa and Mercado Pago followed on October 11,{{Cite web|url=https://www.cnbc.com/2019/10/11/ebay-drops-out-of-facebook-libra-cryptocurrency-one-week-after-paypal.html|title=Facebook's libra cryptocurrency coalition is falling apart as eBay, Visa, Mastercard and Stripe jump ship|last=Feiner|first=Lauren|date=October 11, 2019|website=CNBC|language=en|access-date=October 11, 2019|archive-date=October 11, 2019|archive-url=https://web.archive.org/web/20191011204041/https://www.cnbc.com/2019/10/11/ebay-drops-out-of-facebook-libra-cryptocurrency-one-week-after-paypal.html|url-status=live}}{{Cite web|url=https://www.theverge.com/2019/10/11/20910330/mastercard-stripe-ebay-facebook-libra-association-withdrawal-cryptocurrency|title=Facebook's Libra Association crumbling as Visa, Mastercard, Stripe, and others exit|last=Brandom|first=Russell|date=October 11, 2019|website=The Verge|language=en|access-date=October 11, 2019|archive-date=October 11, 2019|archive-url=https://web.archive.org/web/20191011204526/https://www.theverge.com/2019/10/11/20910330/mastercard-stripe-ebay-facebook-libra-association-withdrawal-cryptocurrency|url-status=live}} and Booking Holdings on October 14.{{Cite web|url=https://www.bloomberg.com/news/articles/2019-10-14/booking-holdings-is-latest-to-pull-out-of-libra-association|title=Libra Loses a Quarter of Its Members as Booking Holdings Exits|last1=Light|first1=Joe|last2=Carville|first2=Olivia|date=October 14, 2019|website=Bloomberg|access-date=October 14, 2019|archive-date=October 14, 2019|archive-url=https://web.archive.org/web/20191014185433/https://www.bloomberg.com/news/articles/2019-10-14/booking-holdings-is-latest-to-pull-out-of-libra-association|url-status=live}}

According to a November 2020 report in the Financial Times, Libra would be launching a slimmed down plan that included the cryptocurrency being a stablecoin backed by the US dollar rather than a multiple currency collection. The newspaper also reported that the cryptocurrency would now be called Diem, which is Latin for "day".{{cite news |last=Morse |first=Andrew |url=https://www.cnet.com/news/facebooks-controversial-cryptocurrency-gets-a-new-name-diem/ |title=Facebook's controversial cryptocurrency gets a new name: Diem |work=CNET |date=December 1, 2020 |access-date=December 1, 2020 |archive-date=December 9, 2020 |archive-url=https://web.archive.org/web/20201209010909/https://www.cnet.com/news/facebooks-controversial-cryptocurrency-gets-a-new-name-diem/ |url-status=live }} In December 2020, Libra was rebranded as Diem, and the Libra Association renamed Diem Association. As of December 2020, Diem Association had 27 members. In January 2022, it was reported that the Diem Association was winding down, with Diem's assets being sold to the California based Silvergate Capital for a reported $200 million.{{Cite news |last=Hoffman |first=Peter Rudegeair and Liz |date=January 27, 2022 |title=Facebook's Cryptocurrency Venture to Wind Down, Sell Assets |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/facebooks-cryptocurrency-venture-to-wind-down-sell-assets-11643248799 |access-date=January 28, 2022 |issn=0099-9660}}{{Cite news|title=Facebook's cryptocurrency failure came after internal conflict and regulatory pushback|language=en-US|newspaper=Washington Post|url=https://www.washingtonpost.com/technology/2022/01/28/facebook-cryptocurrency-diem/|access-date=January 28, 2022|issn=0190-8286}} Facebook was also reported to have planned to launch the token in the US with it being issued by Silvergate, although the Federal Reserve and the United States Department of the Treasury were not supportive of the project.{{Cite web|date=January 27, 2022|title=Facebook's Diem on brink of collapse amid sale negotiations|url=https://www.politico.eu/article/facebooks-diem-collapse-amid-sale-negotiations-crypto-meta/|access-date=January 28, 2022|website=POLITICO|language=en-US}}{{Cite news |date=March 10, 2022 |title=Facebook Libra: the inside story of how the company's cryptocurrency dream died |work=Financial Times |url=https://www.ft.com/content/a88fb591-72d5-4b6b-bb5d-223adfb893f3 |access-date=August 4, 2022 |archive-url=https://web.archive.org/web/20220310061404/https://www.ft.com/content/a88fb591-72d5-4b6b-bb5d-223adfb893f3 |archive-date=March 10, 2022 |url-status=dead}} In January 2023, Silvergate announced in their earnings call for Q4 2022 that they were writing down their entire investment in Diem.{{cite web | url=https://seekingalpha.com/news/3922273-silvergate-cutting-headcount-40-takes-196m-impairment-charge | title=Silvergate stock drops 40% after withdrawals spark cost cuts (NYSE:SI) | Seeking Alpha | date=January 5, 2023 }} Silvergate Bank was shut down in March 2023.{{cite web |last1=Church |first1=Steven |title=Silvergate Slides on Plan to Wind Down Bank Operations and Liquidate |url=https://www.bloomberg.com/news/articles/2023-03-08/silvergate-plans-to-wind-down-bank-operations-and-liquidate |website=Bloomberg News |access-date=March 8, 2023 |language=en |date=March 8, 2023}}

The plan was for the Libra token to be backed by financial assets such as a basket of currencies,{{cite news|newspaper=Financial Times|date=June 18, 2019|title=Facebook's Libra currency draws instant response from regulators|author1=Caroline Binham| author2= Chris Giles |author3= David Keohane|url=https://www.ft.com/content/5535fb3a-91ea-11e9-b7ea-60e35ef678d2|access-date=June 19, 2019|archive-date=June 19, 2019|archive-url=https://web.archive.org/web/20190619142242/https://www.ft.com/content/5535fb3a-91ea-11e9-b7ea-60e35ef678d2|url-status=live}} and US Treasury securities in an attempt to avoid volatility. Facebook announced that each of the partners would inject an initial {{US$}}10 million, so Libra had full asset backing on the day it opened. As of January 2020, Libra was said to have dropped the idea of a mixed currency basket in favor of individual stablecoins pegged to individual currencies.{{Cite web|url=https://financefwd.com/de/libra-wahrungskorb/|title=Facebook-Kryptowährung: Libra erwägt Verzicht auf Devisenkorb|date=January 27, 2020|website=FinanceFWD|language=de|access-date=January 27, 2020|archive-date=May 28, 2021|archive-url=https://web.archive.org/web/20210528145954/https://financefwd.com/de/libra-wahrungskorb/|url-status=live}}

Libra service partners, within the Libra Association, would create new Libra currency units based on demand. Libra currency units would be retired as they were redeemed for conventional currency. Initial reconciliation of transactions would be performed at each service partner, and the blockchain's distributed ledger would be used for reconciliation between service partners. The intent was to help prevent everyone but members of the Libra Association from trying to extract and analyze data from the distributed ledger. In contrast to cryptocurrencies such as bitcoin which use permissionless blockchains, Libra was not planned to be decentralized, relying on trust in the Libra Association as "a de facto central bank".{{Cite web|url=https://www.theverge.com/2019/6/18/18683867/facebook-cryptocurrency-libra-calibra-trust-banking|title=Facebook's cryptocurrency has a trust problem|first=Russell|last=Brandom|date=June 18, 2019|website=The Verge|access-date=June 23, 2019|archive-date=October 19, 2019|archive-url=https://web.archive.org/web/20191019213648/https://www.theverge.com/2019/6/18/18683867/facebook-cryptocurrency-libra-calibra-trust-banking|url-status=live}}

In September 2019, Facebook announced that the reserve basket would be made up of: 50% United States dollar, 18% euro, 14% Japanese yen, 11% pound sterling, and 7% Singapore dollar.{{Cite news|url=https://www.spiegel.de/wirtschaft/facebook-will-kryptowaehrung-libra-nicht-an-yuan-koppeln-a-1287853.html|title=Absicherung von Kryptogeld: Facebook verzichtet bei Libra auf chinesische Währung|last=Bartz|first=Tim|date=September 20, 2019|work=Spiegel Online|access-date=September 30, 2019|archive-date=October 3, 2019|archive-url=https://web.archive.org/web/20191003032925/https://www.spiegel.de/wirtschaft/facebook-will-kryptowaehrung-libra-nicht-an-yuan-koppeln-a-1287853.html|url-status=live}} Libra considered using coins based on individual national currencies on the network, alongside the basket-based Libra token. This was first mooted publicly by David Marcus in October 2019,{{Cite news |url=https://www.reuters.com/article/us-imf-worldbank-facebook/facebook-open-to-currency-pegged-stablecoins-for-libra-project-idUSKBN1WZ0NX |title=Facebook open to currency-pegged stablecoins for Libra project |newspaper=Reuters |date=October 20, 2019 |access-date=March 4, 2020 |archive-date=March 5, 2020 |archive-url=https://web.archive.org/web/20200305154957/https://www.reuters.com/article/us-imf-worldbank-facebook/facebook-open-to-currency-pegged-stablecoins-for-libra-project-idUSKBN1WZ0NX |url-status=live |last1=Shalal |first1=Andrea }} and by Mark Zuckerberg in his October 2019 Senate testimony.{{Cite web |url=https://www.rev.com/transcript-editor/shared/vUH7eeko3wgxe7cN8sfh947idHjOrL2WLVliPw52gCccrIyJcxHcw6g2CsmFAgusfLMJjfLluhABUX3Mu_w9RMXftkw?loadFrom=PastedDeeplink&ts=5339.23 |title=Rev Transcription Editor |access-date=March 4, 2020 }} The idea was promoted again in March 2020.{{Cite news|url=https://www.bloomberg.com/news/articles/2020-03-03/facebook-weighs-libra-revamp-to-win-over-reluctant-regulators|title=Facebook Weighs Libra Revamp to Address Regulatory Concerns|newspaper=Bloomberg.com|date=March 3, 2020 |access-date=March 4, 2020|archive-date=March 3, 2020|archive-url=https://web.archive.org/web/20200303231037/https://www.bloomberg.com/news/articles/2020-03-03/facebook-weighs-libra-revamp-to-win-over-reluctant-regulators|url-status=live}}

On April 16, 2020, Libra announced plans to create an infrastructure for multiple cryptocurrencies, the preponderance of which would be backed by individual fiat currencies, and said the association was in talks with regulators from Switzerland for a payments license.{{cite news |last1=Wagner |first1=Kurt |last2=Kharif |first2=Olga |url=https://fortune.com/2020/04/16/facebook-libra-multiple-single-currency-coins/ |title=Facebook-backed Libra plans multiple single-currency coins |work=Fortune |publisher=Bloomberg News |date=April 16, 2020 |access-date=April 17, 2020 |archive-date=May 28, 2021 |archive-url=https://web.archive.org/web/20210528150006/https://fortune.com/2020/04/16/facebook-libra-multiple-single-currency-coins/ |url-status=live}} In May 2021, Diem announced that it had withdrawn its application to the Swiss Financial Market Supervisory Authority and said that it would instead seek approval with the US treasury to register as a money services business.{{Cite news |last=Murphy |first=Hannah |title=Facebook abandons plan to run digital currency from Switzerland |date=May 12, 2021 |url=https://www.ft.com/content/4c5a72fe-48e9-467c-8a9e-cd2d3a3deafd |access-date=May 12, 2021 |archive-date=May 12, 2021 |archive-url=https://web.archive.org/web/20210512233741/https://www.ft.com/content/4c5a72fe-48e9-467c-8a9e-cd2d3a3deafd |url-status=live }}

Facebook established the Libra Association (later renamed to Diem Association) to oversee the currency, founded in Geneva, Switzerland.{{Cite web|url=https://libra.org/en-US/association/|title=Libra Association | A not-for-profit organization|website=libra.org|access-date=June 19, 2019|archive-date=May 7, 2020|archive-url=https://web.archive.org/web/20200507145543/https://libra.org/en-US/association/|url-status=live}} As of December 2020, Diem Association included:

• Payments: PayU Checkout.com
• Technology and marketplaces: Facebook's subsidiary Novi Financial, Farfetch, Spotify, Shopify{{Cite web|url=https://news.shopify.com/shopify-joins-libra-association|title=Shopify joins Libra Association|website=news.shopify.com|language=en-US|access-date=February 21, 2020|archive-date=February 21, 2020|archive-url=https://web.archive.org/web/20200221155431/https://news.shopify.com/shopify-joins-libra-association|url-status=live}}{{Cite web|url=https://muhabbit.com/shopify-libra-birligine-katildi/|title=Shopify Libra Birliğine Katıldı|last=Londra|date=February 21, 2020|website=Muhabbit|language=tr|access-date=February 21, 2020|archive-date=February 21, 2020|archive-url=https://web.archive.org/web/20200221185721/https://muhabbit.com/shopify-libra-birligine-katildi/|url-status=live}}
• Taxis: Lyft, Uber
• Telecommunications: Iliad SA
• Blockchain: Anchorage, Bison Trails, Coinbase, Xapo
• Venture capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Slow Ventures, Temasek Holdings
• Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women's World Banking, Heifer International

Seven other companies had been named as Libra Association members in the initial June 2019 announcement, but left before the first Libra meeting on October 14, 2019: Booking Holdings, eBay, Mastercard, Mercado Pago, PayPal, Stripe and Visa Inc. Visa chairman and CEO Alfred F. Kelly clarified in July that Visa had not joined, but had signed a nonbinding letter of intent; and that "no one has yet officially joined." He said that factors determining whether Visa would, in fact, join included "the ability of the association to satisfy all the requisite regulatory requirements."{{cite web|url=https://s1.q4cdn.com/050606653/files/doc_financials/2019/Q3/CORRECTED-TRANSCRIPT-Visa-Inc.(V-US)-Q3-2019-Earnings-Call-23-July-2019-500-PM-ET.pdf|title=Visa, Inc. (V) Q3 2019 Earnings Call: Corrected Transcript|date=July 23, 2019|publisher=Visa, Inc.|access-date=August 3, 2019|archive-date=July 25, 2019|archive-url=https://web.archive.org/web/20190725105602/https://s1.q4cdn.com/050606653/files/doc_financials/2019/Q3/CORRECTED-TRANSCRIPT-Visa-Inc.(V-US)-Q3-2019-Earnings-Call-23-July-2019-500-PM-ET.pdf|url-status=live}} Vodafone joined the association in October 2019 but left in January 2020, saying they preferred to work on their mobile banking subsidiary M-Pesa.{{Cite web|url=https://www.cnet.com/news/vodafone-has-exited-facebooks-cryptocurrency-libra/|title=Vodafone has exited Facebook's Libra cryptocurrency|last=Reichert|first=Corinne|date=January 21, 2020|website=CNET|language=en|access-date=January 21, 2020|archive-date=January 22, 2020|archive-url=https://web.archive.org/web/20200122013920/https://www.cnet.com/news/vodafone-has-exited-facebooks-cryptocurrency-libra/|url-status=live}}

Press coverage around the initial Libra announcement noted the absence of Apple Pay, Google Pay, Amazon and of any banks.{{cite web|url=https://ftalphaville.ft.com/2019/06/18/1560848464000/Alphaville-s-Libra-cheat-sheet/|title=Alphaville's Libra cheat sheet|last=Kaminska|first=Izabella|date=June 18, 2019|work=Financial Times|access-date=June 18, 2019|archive-date=May 2, 2020|archive-url=https://web.archive.org/web/20200502141043/https://ftalphaville.ft.com/2019/06/18/1560848464000/Alphaville-s-Libra-cheat-sheet/|url-status=live}}{{Cite web|url=https://www.bloomberg.com/news/articles/2019-06-18/facebook-s-cryptocurrency-project-who-s-in-and-who-s-out|title=Facebook's Cryptocurrency Project: Who's In and Who's Out|last1=Surane|first1=Jennifer|last2=Verhage|first2=Julie|date=June 18, 2019|website=Bloomberg|access-date=October 20, 2019|last3=Wagner|first3=Kurt|archive-date=October 20, 2019|archive-url=https://web.archive.org/web/20191020115307/https://www.bloomberg.com/news/articles/2019-06-18/facebook-s-cryptocurrency-project-who-s-in-and-who-s-out|url-status=live}}{{Cite news|url=https://www.wired.com/story/ambitious-plan-behind-facebooks-cryptocurrency-libra/|title=The Ambitious Plan Behind Facebook's Cryptocurrency, Libra|last1=Levy|first1=Steven|date=June 18, 2019|magazine=Wired|access-date=October 20, 2019|last2=Barker|first2=Gregory|language=en|issn=1059-1028|archive-date=October 26, 2019|archive-url=https://web.archive.org/web/20191026200111/https://www.wired.com/story/ambitious-plan-behind-facebooks-cryptocurrency-libra/|url-status=live}} Banking executives had been reluctant to join due to uncertainties surrounding regulation and feasibility of the scheme.{{Cite web|url=https://www.ft.com/content/af6b1d48-90cc-11e9-aea1-2b1d33ac3271|title=Facebook unveils global digital coin called Libra|last=Murphy|first=Hannah|date=June 18, 2019|website=Financial Times|language=en-GB|access-date=October 20, 2019|archive-date=September 19, 2019|archive-url=https://web.archive.org/web/20190919011108/https://www.ft.com/content/af6b1d48-90cc-11e9-aea1-2b1d33ac3271|url-status=live}} In late February 2020, e-commerce site Shopify and cryptocurrency brokerage Tagomi joined.{{cite news |last=Murphy |first=Hannah |date=February 21, 2020 |title=Shopify joins Facebook's Libra currency association |url=https://www.ft.com/content/d6b0c0da-54c9-11ea-8841-482eed0038b1 |access-date=March 2, 2020 |archive-date=March 1, 2020 |archive-url=https://web.archive.org/web/20200301204827/https://www.ft.com/content/d6b0c0da-54c9-11ea-8841-482eed0038b1 |url-status=live }}{{Cite web |url=https://techcrunch.com/2020/02/26/libra-tagomi/ |title=Facebook's Libra Association adds crypto prime broker Tagomi |date=February 26, 2020 |access-date=March 3, 2020 |archive-date=January 31, 2021 |archive-url=https://web.archive.org/web/20210131142532/https://techcrunch.com/2020/02/26/libra-tagomi/ |url-status=live }} The association hoped to grow to 100 members with an equal vote.{{Cite web|url=https://www.cnet.com/news/everything-you-need-to-know-about-facebooks-libra-cryptocurrency/|title=Here's what you need to know about Libra, Facebook's cryptocurrency|first=Andrew|last=Morse|website=CNET|access-date=June 19, 2019|archive-date=August 19, 2019|archive-url=https://web.archive.org/web/20190819203107/https://www.cnet.com/news/everything-you-need-to-know-about-facebooks-libra-cryptocurrency/|url-status=live}} In late April 2020, the payment processing company, Checkout.com, announced they would be joining the association.{{cite news |author=Staff Writer |url=https://www.reuters.com/article/us-checkout-com-libra/payment-service-provider-checkout-com-to-join-facebooks-libra-association-idUSKCN22A207 |title=Payments processor Checkout.com to join Facebook's Libra Association |work=Reuters |publisher=Reuters |date=April 28, 2020 |access-date=April 29, 2020 |archive-date=April 28, 2020 |archive-url=https://web.archive.org/web/20200428174411/https://www.reuters.com/article/us-checkout-com-libra/payment-service-provider-checkout-com-to-join-facebooks-libra-association-idUSKCN22A207 |url-status=live }} In May 2020, Singapore state investor Temasek Holdings, cryptocurrency investor Paradigm Operations and private equity firm Slow Ventures announced they would join the association.{{Cite web|title=Singapore state investor Temasek joins Libra, Facebook's digital currency project|url=https://www.cnbc.com/2020/05/15/singapore-temasek-joins-the-facebook-backed-libra.html|last=Choudhury|first=Saheli Roy|date=May 15, 2020|website=CNBC|language=en|access-date=May 18, 2020|archive-date=May 18, 2020|archive-url=https://web.archive.org/web/20200518125746/https://www.cnbc.com/2020/05/15/singapore-temasek-joins-the-facebook-backed-libra.html|url-status=live}} Libra Association was renamed to Diem Association on December 1, 2020, as part of the rebranding from Libra to Diem.{{Cite web|date=December 1, 2020|title=Announcing the name Diem. Executive leadership in place in preparation for launch.|url=https://www.diem.com/en-us/updates/diem-association/|access-date=December 3, 2020|website=Diem Association|archive-date=December 3, 2020|archive-url=https://web.archive.org/web/20201203012140/https://www.diem.com/en-us/updates/diem-association/|url-status=live}}

The project faced criticism,{{cite news |last1=Kaminska |first1=Izabella |title=Zuckerberg: The man who would be monetary king |url=https://ftalphaville.ft.com/2019/06/18/1560848403000/Zuckerberg--The-man-who-would-be-monetary-king/ |access-date=June 18, 2019 |publisher=The Financial Times |date=June 18, 2019 |url-access=registration |archive-date=September 19, 2019 |archive-url=https://web.archive.org/web/20190919121101/https://ftalphaville.ft.com/2019/06/18/1560848403000/Zuckerberg--The-man-who-would-be-monetary-king/ |url-status=live }} as well as opposition from central banks.{{cite news |last1=Marsh |first1=Alastair |title=France Calls for Central Bank Review of Facebook Token |url=https://www.bloomberg.com/news/articles/2019-06-18/france-calls-for-central-bank-review-of-facebook-cryptocurrency |access-date=June 18, 2019 |publisher=Bloomberg News |date=June 18, 2019 |archive-date=May 2, 2020 |archive-url=https://web.archive.org/web/20200502141047/https://www.bloomberg.com/news/articles/2019-06-18/france-calls-for-central-bank-review-of-facebook-cryptocurrency |url-status=live }} The use of a cryptocurrency and blockchain for the implementation was questioned.

The first regulator response to Libra came within minutes of the launch announcement, from French Finance Minister, Bruno Le Maire, who was being interviewed on French radio station Europe 1. He said that Libra could not be allowed to become a sovereign currency, and would require strong consumer protections.{{cite web|first=Clément|last=Lesaffre|title=Facebook va créer sa monnaie : "Nous allons demander des garanties", prévient Bruno Le Maire|language=fr|url=https://www.europe1.fr/economie/facebook-va-creer-sa-monnaie-nous-allons-demander-des-garanties-previent-bruno-le-maire-3905215|publisher=Europe 1|date=June 18, 2018|access-date=December 29, 2019|archive-date=October 31, 2019|archive-url=https://web.archive.org/web/20191031190437/https://www.europe1.fr/economie/facebook-va-creer-sa-monnaie-nous-allons-demander-des-garanties-previent-bruno-le-maire-3905215|url-status=live}} Le Maire then warned the French Parliament of his concerns about Libra and privacy, money laundering and terrorism finance. He called on the central bank governors of the Group of Seven to prepare a report on Facebook's plans. Bank of England governor Mark Carney said there was a need to keep an "open mind" about new technology for money transfers, but "anything that works in this world will become instantly systemic and will have to be subject to the highest standards of regulation."

German MEP Markus Ferber warned that Facebook could become a shadow bank. His colleague Stefan Berger sees Libra's power potential as a threat to the economic stability of the euro zone and its democracies: Libra could make Facebook its central bank. Berger argues in favor of the development of a European stablecoin in order to be able to offer a secure alternative to the Facebook currency.{{cite web|title=Müssen schnell sein: CDU-Europaabgeordneter plant digitalen Euro|url=https://www.focus.de/digital/dldaily/als-antwort-auf-facebooks-libra-exklusives-papier-zeigt-cdu-europaabgeordneter-plant-digitalen-euro_id_11185504.html|last=FOCUS Online|access-date=October 30, 2020|archive-date=November 7, 2020|archive-url=https://web.archive.org/web/20201107052256/https://www.focus.de/digital/dldaily/als-antwort-auf-facebooks-libra-exklusives-papier-zeigt-cdu-europaabgeordneter-plant-digitalen-euro_id_11185504.html|url-status=live}} Berger will be in charge of the European report of Markets in Crypto-Assets (MiCA) which will serve as base for a regulatory framework for crypto-assets.{{cite web|title=Verfasser der EU-Berichterstattung zur Regulierung des Kryptomarktes|website=Facebook|url=https://www.facebook.com/StefanBergerEU/posts/10157973750004195|language=de|access-date=October 30, 2020|archive-date=January 31, 2021|archive-url=https://web.archive.org/web/20210131142540/https://www.facebook.com/login/?next=https%3A%2F%2Fwww.facebook.com%2FStefanBergerEU%2Fposts%2F10157973750004195|url-status=live}} On September 13, 2019, Le Maire stated that France would not allow development of Libra in the European Union, as it would have been a threat to the monetary sovereignty of states. He also spoke about the potential for abuse of marketing dominance and systemic financial risks as reasons for not allowing stablecoins to operate yet within the EU.{{Cite web|url=https://www.news18.com/news/tech/france-finance-minister-calls-facebook-libra-a-threat-to-monetary-sovereignty-2307541.html|title=France Finance Minister Calls Facebook Libra a Threat to 'Monetary Sovereignty'|website=News18|date=September 13, 2019|access-date=September 13, 2019|archive-date=September 16, 2019|archive-url=https://web.archive.org/web/20190916051621/https://www.news18.com/news/tech/france-finance-minister-calls-facebook-libra-a-threat-to-monetary-sovereignty-2307541.html|url-status=live}}

According to a Reuters report, German Finance Minister Olaf Scholz said following a video conference of G7 finance ministers that Germany and Europe cannot accept Diem currency entry into the market while the regulatory risks are not adequately addressed.{{Cite news |author=Thomas Escritt |title=Facebook's renamed cryptocurrency is still 'wolf in sheep's clothing': German Finance Minister |language=en-US |work=U.S. |url=https://www.reuters.com/article/uk-g7-digitial-facebook/facebooks-renamed-cryptocurrency-is-still-wolf-in-sheeps-clothing-german-finance-minister-idUKKBN28H202 |access-date=July 19, 2022}} Scholz stated that he does not support private-sector digital currencies, and his remarks could be detrimental to Diem and JPMorgan Coin. Valdis Dombrovskis, Executive Vice-President of the European Commission for An Economy that Works for People, stated at the Digital Finance Outreach 2020 Closing Conference that the European Union was preparing a new cryptocurrency regime that may include stricter requirements for "global stablecoin" projects like Libra. In addition, Dombrovskis stated in his address that stablecoins that function on a global scale can "present new concerns" as they can disturb financial and monetary stability.{{Cite web |date=June 23, 2020 |title=Speech by Executive Vice-President Valdis Dombrovskis at the Digital Finance Outreach 2020 Closing conference |url=https://ec.europa.eu/commission/commissioners/2019-2024/dombrovskis/announcements/speech-executive-vice-president-valdis-dombrovskis-digital-finance-outreach-2020-closing-conference_en}}

US regulators and politicians expressed concerns within hours of the mid-2019 announcement. Maxine Waters, Chairperson of the United States House Committee on Financial Services Committee asked Facebook to halt the development and launch of Libra, citing a list of recent scandals and that "the cryptocurrency market currently lacks a clear regulatory framework".{{cite news |last=Wong |first=Queenie |url=https://www.cnet.com/news/us-lawmaker-wants-facebook-to-halt-its-libra-cryptocurrency-project/ |title=US lawmaker wants Facebook to halt its Libra cryptocurrency project |work=CNET |date=June 18, 2019 |url-status=live |archive-url=https://web.archive.org/web/20190619122342/https://www.cnet.com/news/us-lawmaker-wants-facebook-to-halt-its-libra-cryptocurrency-project/ |archive-date=June 19, 2019 |access-date=June 19, 2019 }} The US House Committee on Financial Services Democrats sent a letter to Facebook asking the company to stop development of Libra, citing concerns of privacy, national security, trading, and monetary policy.{{cite web |url=https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=404009 |title=Committee Democrats Call on Facebook to Halt Cryptocurrency Plans |publisher=U.S. House Committee on Financial Services Democrats |date=July 2, 2019 |url-status=live |archive-url=https://web.archive.org/web/20190703041255/https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=404009 |archive-date=July 3, 2019 |access-date=July 3, 2019 }} Jerome Powell, chairman of the Federal Reserve, testified before Congress on July 10, 2019, that the Fed had "serious concerns" as to how Libra would deal with "money laundering, consumer protection and financial stability."{{cite news |last1=Popper |first1=Nathaniel |last2=Isaac |first2=Mike |last3=Smialek |first3=Jeanna |url=https://www.nytimes.com/2019/07/10/technology/fed-chair-facebook-cryptocurrency-libra.html |title=Fed Chair Raises 'Serious Concerns' About Facebook's Cryptocurrency Project |work=The New York Times |date=July 10, 2019 |url-status=dead |archive-url=https://web.archive.org/web/20190710233742/https://www.nytimes.com/2019/07/10/technology/fed-chair-facebook-cryptocurrency-libra.html |archive-date=July 10, 2019 |access-date=July 11, 2019 }} President Donald Trump tweeted on July 12, 2019, that "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations."{{Cite web|url=https://www.ft.com/content/57692326-a452-11e9-974c-ad1c6ab5efd1|title=Donald Trump hits out at Facebook's Libra and bitcoin|last=Murphy|first=Hannah|date=July 12, 2019|website=Financial Times|language=en-GB|access-date=July 12, 2019|archive-date=December 3, 2019|archive-url=https://web.archive.org/web/20191203145930/https://www.ft.com/content/57692326-a452-11e9-974c-ad1c6ab5efd1|url-status=live}}

US regulators contacted Visa, PayPal, Mastercard and Stripe, asking for a complete overview of how Libra would fit into their anti-money-laundering compliance programs.{{Cite web |url=https://www.wsj.com/articles/visa-mastercard-others-reconsider-involvement-in-facebook-s-libra-network-11569967023 |title=Visa, Mastercard, Others Reconsider Involvement in Facebook's Libra Network |last=Rudegeair |first=AnnaMaria Andriotis and Peter |date=October 2, 2019 |website=WSJ |language=en-US |access-date=October 5, 2019 |archive-date=October 5, 2019 |archive-url=https://web.archive.org/web/20191005011544/https://www.wsj.com/articles/visa-mastercard-others-reconsider-involvement-in-facebook-s-libra-network-11569967023 |url-status=live}} Since several participants left the project in late 2019, the Libra Association worked to address concerns from United States regulators with the development of a "Libra 2.0" blueprint. According to CNBC, Diem reportedly withdrawn its application for a Swiss payment license in 2021, intending to instead move its activities to the United States. Diem announced that it would relocate its operating headquarters from Geneva to Washington with an intend to establish its payment system in the United States.{{Cite web |last=Browne |first=Ryan |date=May 12, 2021 |title=Facebook-backed crypto project Diem abandons Swiss license application, will move to the U.S. |url=https://www.cnbc.com/2021/05/12/facebook-backed-diem-is-moving-from-switzerland-to-the-us.html |access-date=July 19, 2022 |website=CNBC |language=en}}

David Marcus told the US Senate that the Swiss Federal Data Protection and Information Commissioner would oversee privacy for Libra, but the commissioner said that it had not heard from Facebook at all.{{Cite web|url=https://www.cnbc.com/2019/07/16/fdpic-says-facebook-has-not-contacted-about-libra-data-protections.html|title=Swiss group that's supposed to oversee privacy for Libra says it hasn't heard from Facebook at all|first=Elizabeth|last=Schulze|date=July 16, 2019|website=CNBC|access-date=July 16, 2019|archive-date=July 16, 2019|archive-url=https://web.archive.org/web/20190716212125/https://www.cnbc.com/2019/07/16/fdpic-says-facebook-has-not-contacted-about-libra-data-protections.html|url-status=live}} The government of Japan began the process of investigating Libra and doing an analysis on the effect on Japan's monetary policy and financial regulation. In July 2019, Japanese officials formed a working committee, consisting of the Bank of Japan, the Ministry of Finance and the Financial Services Agency, to coordinate policies to address Libra's impact on regulation, monetary policy, tax, and payments settlement.{{Cite news |date=July 13, 2019 |title=Japan sets up working group on impact of Facebook's Libra ahead of G7 |language=en |work=Reuters |url=https://www.reuters.com/article/us-g7-economy-japan-libra-idUSKCN1U72QU |access-date=July 19, 2022}} The working group would coordinate measures to handle Libra's influence on regulation, monetary policy, tax, and payments settlement. This would be done before the Group of Seven meeting in France between August 24 and 26, 2019.{{cite news |last=Hill |first=Paul |url=https://www.neowin.net/news/japan-becomes-the-latest-country-to-investigate-facebooks-libra |title=Japan becomes the latest country to investigate Facebook's Libra |work=Neowin |publisher=Reuters |date=July 13, 2019 |access-date=July 15, 2019 |archive-date=July 15, 2019 |archive-url=https://web.archive.org/web/20190715045647/https://www.neowin.net/news/japan-becomes-the-latest-country-to-investigate-facebooks-libra |url-status=live }}{{Update after|2020|5|28}}

Data protection regulators internationally issued a statement,{{cite web |url=https://ico.org.uk/media/about-the-ico/documents/2615521/libra-network-joint-statement-20190802.pdf |title=Joint statement on global privacy expectations of the Libra network |date=August 5, 2019 |publisher=Information Commissioner's Office |access-date=August 6, 2019 |archive-date=August 5, 2019 |archive-url=https://web.archive.org/web/20190805223809/https://ico.org.uk/media/about-the-ico/documents/2615521/libra-network-joint-statement-20190802.pdf |url-status=live}} asking Facebook to protect personal data of users, and to detail Libra's planned practices for handling personal data, in the light of "previous episodes where Facebook's handling of people's information has not met the expectations of regulators, or their own users."{{cite web |url=https://www.ft.com/content/9194df7a-b796-11e9-8a88-aa6628ac896c |title=Facebook's cryptocurrency raises privacy questions, say regulators |first=Hannah |last=Murphy |work=Financial Times |date=August 5, 2019 |access-date=August 6, 2019 |archive-date=August 6, 2019 |archive-url=https://web.archive.org/web/20190806140033/https://www.ft.com/content/9194df7a-b796-11e9-8a88-aa6628ac896c |url-status=live}} Finance Watch described Libra as a "huge risk to public monetary sovereignty",{{Cite web|url=https://www.finance-watch.org/dont-let-facebook-take-over-the-financial-system/|title=Don't let Facebook take over the financial system|last=Grandjean|first=Pablo|date=August 14, 2019|website=Finance Watch|language=en-EN|access-date=August 14, 2019|archive-date=August 14, 2019|archive-url=https://web.archive.org/web/20190814191225/https://www.finance-watch.org/dont-let-facebook-take-over-the-financial-system/|url-status=live}} and concluded that "Libra is a bad idea – for its users, for the stability of our financial system, and last but not least for our democracy."{{Cite web|url=https://www.finance-watch.org/wp-content/uploads/2019/07/Libra-Paper_Finance-Watch_EN.pdf|title=Libra: Heads I win – tails you lose|last=Stiefmüller|first=Christian M.|date=July 22, 2019|website=Finance Watch|access-date=August 14, 2019|archive-date=August 14, 2019|archive-url=https://web.archive.org/web/20190814191228/https://www.finance-watch.org/wp-content/uploads/2019/07/Libra-Paper_Finance-Watch_EN.pdf|url-status=live}} On September 16, 2019, officials from the Libra consortium, including J.P. Morgan and Facebook, met with officials from 26 central banks, including the Federal Reserve and Bank of England, in Basel, Switzerland and the meeting was chaired by European Central Bank board member Benoît Cœuré, a vocal Libra critic.{{cite news |last=Browne |first=Ryan |url=https://www.cnbc.com/2019/09/16/facebook-meeting-with-fed-and-other-central-banks-to-discuss-libra-ft.html |title=Facebook and JP Morgan meet with global central banks to discuss cryptocurrencies |work=CNBC |date=September 16, 2019 |access-date=September 16, 2019 |archive-date=January 31, 2021 |archive-url=https://web.archive.org/web/20210131142627/https://www.cnbc.com/2019/09/16/facebook-meeting-with-fed-and-other-central-banks-to-discuss-libra-ft.html |url-status=live }}

Industry observers have speculated whether Libra would provide meaningful privacy to its users. Facebook's plan was to let its subsidiary Novi Financial manage Libra for Facebook users, and Facebook executives had stated that Novi would not share account holder's purchase information with Facebook without authorization; however, the system was also planned to include a friend-finder search function, and the use of this function would constitute permission for Novi to combine the account holder's transaction history with their Facebook account.

According to an August 2018 report by CNBC, top data protection officials including Democratic FTC commissioner Rohit Chopra, UK Information Commissioner Elizabeth Denham, EU Data Protection Supervisor Giovanni Buttarelli, and other top regulators from Australia, Canada, Albania, and Burkina Faso in a joint statement expressed doubts over Facebook's proposed digital currency project Libra (Diem).{{Cite web |last=Schulze |first=Elizabeth |date=August 6, 2019 |title=Facebook's Libra plans are under fire again – this time from global privacy regulators |url=https://www.cnbc.com/2019/08/06/facebook-libra-crypto-plans-under-fire-from-privacy-regulators.html |access-date=July 19, 2022 |website=CNBC |language=en}} According to CNBC, Facebook confirmed that governments and regulators throughout the world were scrutinizing Libra. In general, consumer advocates and public interest groups have opposed Diem on privacy grounds and rejected the tethering of financial services to mass surveillance.{{Cite web|last=Carrillo|first=Raúl|date=June 25, 2020|title=Banking on Surveillance: The Libra Black Paper|url=https://ourfinancialsecurity.org/2020/06/fact-sheet-banking-on-surveillance-the-libra-black-paper/|url-status=live|access-date=August 6, 2021|website=Americans for Financial Reform|language=en-US|archive-url=https://web.archive.org/web/20201125030017/https://ourfinancialsecurity.org/2020/06/fact-sheet-banking-on-surveillance-the-libra-black-paper/ |archive-date=November 25, 2020 }}

Scholars highlighted several antitrust risks associated with Diem, namely, a risk of collusion between association members, a risk of tying between Diem and Novi, and a risk of exclusivity agreements if Novi is required to use Diem within Facebook environment.{{cite web|last=Schrepel |first=Thibault | url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3574684|title=Libra: A Concentrate of 'Blockchain Antitrust'|date=April 24, 2020|publisher=Michigan Law Review Online|ssrn=3574684 |access-date=July 1, 2021}}

Facebook tried to police inaccurate information and fake Libra websites on its platform.{{Cite news |title=Libra fakes undermine Facebook's cryptocurrency charm offensive |newspaper=Washington Post |url=https://www.washingtonpost.com/news/powerpost/paloma/the-technology-202/2019/07/23/the-technology-202-libra-fakes-undermine-facebook-s-cryptocurrency-charm-offensive/5d365a121ad2e5592fc35aa6/ |url-status=live |access-date=July 23, 2019 |archive-url=https://web.archive.org/web/20190723160856/https://www.washingtonpost.com/news/powerpost/paloma/the-technology-202/2019/07/23/the-technology-202-libra-fakes-undermine-facebook-s-cryptocurrency-charm-offensive/5d365a121ad2e5592fc35aa6/ |archive-date=July 23, 2019}} According to The Washington Post, nearly a dozen fake accounts, pages, and groups on Facebook and Instagram advertised themselves as legitimate centres for the Libra digital currency, in some cases trying to sell discounted Libra which was not yet accessible. Numerous of these counterfeit pages used the Facebook logo, images of Facebook CEO Mark Zuckerberg, and Libra's official marketing material. The growth of fake pages and groups devoted to Libra added to Facebook's difficulties with global authorities.{{Cite news |title=Facebook's Libra currency spawns a wave of fakes, including on Facebook itself |language=en-US |newspaper=Washington Post |url=https://www.washingtonpost.com/technology/2019/07/22/facebooks-libra-currency-spawns-wave-fakes-including-facebook-itself/ |access-date=July 19, 2022 |issn=0190-8286}}

Diem Association (formerly Libra Association) faced legal challenges as both the name and the logo of the digital currency were already in use within different territories. Finco Services Inc filed a lawsuit with New York Southern District Court against Facebook, Inc., Novi Financial, Inc., Jlv, LLC and Character SF, LLC for an alleged trademark infringement,{{cite web|url=https://www.theverge.com/2019/10/11/20910182/facebook-sued-calibra-lookalike-logo-current-startup-bank-trademark-infringement|title=Facebook sued over Calibra's look-alike logo|date=October 11, 2019|publisher=TheVerge|access-date=February 4, 2020|archive-date=December 20, 2019|archive-url=https://web.archive.org/web/20191220034929/https://www.theverge.com/2019/10/11/20910182/facebook-sued-calibra-lookalike-logo-current-startup-bank-trademark-infringement|url-status=live}} arising out of the use by the latter of a logo similar to the start-up bank operated by Finco Services, Inc. The plaintiff requested a preliminary and permanent injunctive relief as well as monetary relief from the defendants.{{cite web|url=https://www.crowdfundinsider.com/2019/10/152811-facebooks-subsidiary-calibra-is-being-sued-for-trademark-infringement-by-mobile-banking-developer-current/|title=Facebook's Subsidiary Calibra Is Being Sued for Trademark Infringement By Mobile Banking Developer Current|date=October 13, 2019|access-date=February 4, 2020|archive-date=February 4, 2020|archive-url=https://web.archive.org/web/20200204205827/https://www.crowdfundinsider.com/2019/10/152811-facebooks-subsidiary-calibra-is-being-sued-for-trademark-infringement-by-mobile-banking-developer-current/|url-status=live}} A settlement conference in this matter was scheduled for March 26, 2020, in the United States Courthouse, while the parties did not consent to conducting the proceedings before a magistrate judge and requested to be tried to a jury.{{cite web|url=https://www.pacermonitor.com/public/case/30439986/Finco_Services,_Inc_v_Facebook_Inc_et_al|title=Finco Services, Inc. v. Facebook Inc. et al|date=October 10, 2019|access-date=February 4, 2020|archive-date=February 4, 2020|archive-url=https://web.archive.org/web/20200204205829/https://www.pacermonitor.com/public/case/30439986/Finco_Services,_Inc_v_Facebook_Inc_et_al|url-status=live}}

In Europe, Libra Association filed an application with the European Union Intellectual Property Office for the registration of the word "LIBRA" as a verbal trademark. The proceeding already received five oppositions to registration from four European companies based mainly on the alleged likelihood of confusion with their prior trademarks.{{cite web|url=https://euipo.europa.eu/eSearch/#details/trademarks/018083389|title=LIBRA 018083389|date=June 18, 2019|access-date=February 4, 2020|archive-date=June 9, 2016|archive-url=https://wayback.archive-it.org/all/20160609153529/https://euipo.europa.eu/eSearch/#details/trademarks/018083389|url-status=live}} The opposing companies are Lyra Network, Libra Internet Bank, Libri GmbH and Advanced New Technologies Co., Ltd. In April 2020, the parties would have reached the adversarial part of the opposition proceedings, unless a settlement was reached during the cooling-off period.

Diem stated it would not rely on cryptocurrency mining.{{Cite web|url=https://www.bbc.com/news/technology-48667525|title=Why Facebook wants to be money's future|first=Rory|last=Cellan-Jones|date=June 18, 2019|website=BBC News|access-date=June 19, 2019|archive-date=March 7, 2020|archive-url=https://web.archive.org/web/20200307011823/https://www.bbc.com/news/technology-48667525|url-status=live}} Only members of Diem Association would have been able to process transactions via the permissioned blockchain. Diem hoped to begin transitioning to a permissionless proof-of-stake system within five years, although their own materials admitted that no solution existed "that can deliver the scale, stability, and security needed to support billions of people and transactions across the globe through a permissionless network."{{Cite web|url=https://libra.org/en-US/white-paper/|title=Libra White Paper | Blockchain, Association, Reserve|website=Libra.org|access-date=June 18, 2019|archive-date=May 16, 2020|archive-url=https://web.archive.org/web/20200516050147/https://libra.org/en-US/white-paper/|url-status=live}}

Diem source code was written in Rust and published as open source under the Apache License on GitHub. In June 2019, Elaine Ou, an opinion writer at Bloomberg News, tried compiling and running the publicly released code for Libra. At the time, the software did little more than allow fake coins to be put in a wallet; almost none of the functionality outlined in the white paper was implemented, including "major architectural features that have yet to be invented." Ou was surprised that Facebook "would release software in such a state".{{cite web|url=https://www.bloomberg.com/opinion/articles/2019-06-20/facebook-s-libra-cryptocurrency-isn-t-actually-supposed-to-work|title=I Tried Using Facebook's Libra Blockchain. It Didn't Work.|last=Ou|first=Elaine|date=June 20, 2019|website=Bloomberg News|access-date=June 21, 2019|archive-date=October 29, 2019|archive-url=https://web.archive.org/web/20191029210247/https://www.bloomberg.com/opinion/articles/2019-06-20/facebook-s-libra-cryptocurrency-isn-t-actually-supposed-to-work|url-status=live}}

In June 2019, Facebook announced plans to release a digital wallet called Calibra in 2020, as a standalone app and also to integrate it within Messenger and WhatsApp.{{Cite web|url=https://www.engadget.com/2019/06/18/facebook-calibra-libra-cryptocurrency-digital-wallet/|title=Facebook's Calibra cryptocurrency wallet launches in 2020|website=Engadget|date=June 18, 2019 |access-date=June 29, 2019|archive-date=June 18, 2019|archive-url=https://web.archive.org/web/20190618103750/https://www.engadget.com/2019/06/18/facebook-calibra-libra-cryptocurrency-digital-wallet/|url-status=live}} In May 2020, Calibra was renamed Novi.{{Cite web|last=Porter|first=Jon|date=May 26, 2020|title=Facebook renames Calibra digital wallet to Novi|url=https://www.theverge.com/2020/5/26/21270437/facebook-calibra-novi-rename-digital-wallet|access-date=February 28, 2021|website=The Verge|language=en|archive-date=March 8, 2021|archive-url=https://web.archive.org/web/20210308135713/https://www.theverge.com/2020/5/26/21270437/facebook-calibra-novi-rename-digital-wallet|url-status=live}} As of February 2021, Novi and Diem were not released yet and do not have a set release date.{{Cite web|title=Novi|url=https://novi.com/|url-status=live|access-date=February 28, 2021|website=novi.com|language=en|quote=When will Novi be available?
Novi is currently being built. Sign up here to be one of the first to know about Novi.|archive-date=March 1, 2021|archive-url=https://web.archive.org/web/20210301144011/https://www.novi.com/}}

Move is a statically-typed programming language originally developed for the Diem blockchain's smart contract and custom transactions system. It is compiled to bytecode and features resource-oriented programming with strong safety guarantees.{{Cite web|url=https://developers.libra.org/docs/move-paper|title=Move: A Language With Programmable Resources · Libra|website=developers.libra.org|language=en|access-date=June 19, 2019|archive-date=April 22, 2020|archive-url=https://web.archive.org/web/20200422203555/https://developers.libra.org/docs/move-paper|url-status=live}} The Move language was initially introduced in the Move white paper and has since been fully documented and implemented across multiple blockchain platforms.{{Cite web|url=https://github.com/move-language/move|title=Move Language Repository|website=GitHub|access-date=May 1, 2023|quote=This was the home of the Move language from inception to ~2022. This repository is no longer maintained, but development continues in github.com/move-language/move-on-aptos and github.com/move-language/move-sui.}} An example of Move syntax from the original white paper shows its resource-handling capabilities:

public main(payee: address, amount: u64) {

let coin: 0x0.Currency.Coin = 0x0.Currency.withdraw_from_sender(copy(amount));

0x0.Currency.deposit(copy(payee), move(coin));

}

The language's key feature is the ability to define custom resource types with semantics inspired by linear logic: a resource can never be copied or implicitly discarded, only moved between program storage locations. These safety guarantees are enforced statically by Move's type system.{{Cite web|url=https://developers.libra.org/docs/move-paper|title=Move: A Language With Programmable Resources · Libra|website=developers.libra.org|language=en|access-date=June 19, 2019|archive-date=April 22, 2020|archive-url=https://web.archive.org/web/20200422203555/https://developers.libra.org/docs/move-paper|url-status=live}} Following Diem's discontinuation, Move development has continued and evolved through implementations in other blockchain ecosystems including Aptos and Sui.{{Cite web|url=https://github.com/move-language/move|title=Move Language Repository|website=GitHub|access-date=May 1, 2023}}

• Beenz – an earlier attempt at an Internet-wide digital currency
• Facebook Credits
• Flooz – an earlier attempt at an Internet-wide digital currency
• List of online payment service providers

{{reflist

|refs=

{{cite news

| url = http://fortune.com/2019/06/18/facebook-project-libra-crypto-coin-cryptocurrency-how-it-works/

| title = Facebook's Project Libra: 5 Things to Know About the Cryptocurrency

| work = Fortune magazine

| author = Jeff John Roberts

| date = June 18, 2019

| archive-url = https://web.archive.org/web/20190618114419/http://fortune.com/2019/06/18/facebook-project-libra-crypto-coin-cryptocurrency-how-it-works/

| archive-date = June 18, 2019

| access-date = June 19, 2019

| url-status = live

| quote = So, in theory, only Novi will have a record of your transactions. But many Novi users may decide to use its integrated Facebook friend-finding feature, and if they do, their data will be combined.

}}

{{cite news

|url = http://fortune.com/2019/06/17/facebook-project-libra-cryptocurrency-fb-coin/

|title = Facebook Announces Project Libra, Its Wildly Ambitious Plan to Bring Cryptocurrency to the Masses

|work = Fortune magazine

|author = Jeff John Roberts

|date = June 18, 2019

|access-date = June 19, 2019

|quote = The Libra blockchain—like other blockchains—will provide a tamper-proof record of transactions on the network. But, unlike Bitcoin and other public blockchains, only authorized bodies—in this case, foundation members—will be allowed to run a node.

|archive-date = June 19, 2019

|archive-url = https://web.archive.org/web/20190619143203/http://fortune.com/2019/06/17/facebook-project-libra-cryptocurrency-fb-coin/

|url-status = live

}}

{{cite news

|url = http://fortune.com/2019/06/17/facebook-cryptocurrency-libra-privacy/

|title = Facebook Cryptocurrency: Calibra's Privacy Implications

|work = Fortune magazine

|author = Robert Hackett

|date = June 18, 2019

|access-date = June 19, 2019

|quote = People who use Calibra will have to trust Facebook's internal firewalls and security measures, of course. And there's a lot of data here that hackers and snoops might like to access. In order to abide by standard "know-your-customer" and "anti-money laundering" laws, Calibra will have to verify people's identities through a thorough process, collecting government-issued IDs and other personal details and documentation. It will be incumbent upon Calibra to keep this data confidential and secure.

|archive-date = June 19, 2019

|archive-url = https://web.archive.org/web/20190619153745/http://fortune.com/2019/06/17/facebook-cryptocurrency-libra-privacy/

|url-status = live

}}

{{cite news

|url = https://www.marketwatch.com/story/facebooks-libra-coin-could-become-a-big-pain-in-the-wallet-for-consumers-2019-06-19

|title = Why Facebook's Libra coin could become a big pain in your wallet

|work = Market Watch

|author = Jacob Passy

|date = June 19, 2019

|access-date = June 19, 2019

|quote = Libra will be a “stablecoin,” linked to the value of other currencies, unlike other cryptocurrencies like bitcoin BTC, -4.27% Consumers who use Facebook’s Messenger service, WhatsApp or a stand-alone app will be able to access Libra through a digital wallet managed by new Facebook subsidiary Calibra.

|archive-date = June 19, 2019

|archive-url = https://web.archive.org/web/20190619110402/https://www.marketwatch.com/story/facebooks-libra-coin-could-become-a-big-pain-in-the-wallet-for-consumers-2019-06-19

|url-status = live

}}

{{cite web |last1=Duffy |first1=Clare |title=Facebook wants to make cryptocurrency mainstream. Here's how |url=https://www.cnn.com/2019/06/18/tech/facebook-libra-cryptocurrency/index.html |website=CNN |date=June 18, 2019 |access-date=June 18, 2019 |archive-date=November 20, 2020 |archive-url=https://web.archive.org/web/20201120034732/https://www.cnn.com/2019/06/18/tech/facebook-libra-cryptocurrency/index.html |url-status=live }}

}}

• {{official website}}

{{Cryptocurrencies|state=expanded}}

{{Meta, Inc.}}

Category:Cancelled projects

Category:Cryptocurrency projects

Category:Stablecoins

Category:Meta Platforms

Category:Free software programmed in Rust

Category:Facebook software