Facebook’s ambitious effort to bring cryptocurrency to the masses has failed.
Inc. and Stripe Inc.—in part to signal buy-in from the finance industry and in part to distance the project from Facebook itself, which was under pressure about policing its platform.
Partners agreed to join the Libra Association, a Switzerland-based group that would govern the stablecoin, and pony up millions of dollars each to develop the project.But it almost immediately ran into resistance in Washington. Officials voiced concerns about its effect on financial stability and data privacy and worried Libra could be misused by money launderers and terrorist financiers. Federal Reserve Chairman Jerome Powell said the central bank had serious concerns.
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