Libra

On January 31, Meta, Facebook's parent company, announced that it had sold its cryptocurrency project Diem. It seems that this clears the way for their new NFT market.

Facebook still faces problems before the launch of their Libra coin. Right after rebranding its Libra Foundation to The Diem Association, the company faces a lawsuit from a startup with an identical name.

According to the new Chinese civil code, the government has included cryptocurrencies such as Bitcoin (BTC) in its legally inheritable list of assets.

Various organizations are working with governments and other NGOs to assist the world’s poorest farmers by helping them sustainably boost production and have easy access to new markets through stablecoins and cryptocurrencies, hence growing their sales and incomes.

The Libra Association has made considerable changes to its anticipated Libra digital currency after it met numerous criticisms.

It is reported that partner companies participating in Facebook's Libra initiative are considering redesigning the project to address international regulatory concerns. The social networking company is allegedly shifting its strategies to takeoff a new token following extensive disparagement of its Libra digital currency.

Several financial authorities across the globe are finding it hard to make verdicts when it comes to Bitcoin, Libra and other digital currencies: overregulate the industry and risk losing the advantage to most businesses and the economy at large, or fail to act completely and make themselves more defenseless especially to those that intensify.

Scammers and fraudsters have taken advantage of the potential of the token and rolled out a phony initial coin offering (ICO) for Libra via microblogging and social networking service Twitter.

There seems to be a new view in China about how it should respond to the possible issues posed by Libra, Facebook's cryptocurrency. It has been suggested that the country should turn to working with other blockchain and Bitcoin friendly nations to regulate the industry, instead of quickly establishing its individual option means of payment.