Are things falling apart for Libra?

The proposed digital coin by the social media giant is losing support as the big-name initial supporters quit

There is absolutely no doubt that Facebook’s proposed digital payment coin got more than its fair share of attention ever since its launch in June of this year. The proposed project raised so many eyebrows since it was being backed by the biggest social media platform of the World, with a following of over 2.4 billion.

While the decentralized crypto projects criticized it for being an equivalent of an extremely centralized corporate entity encroaching on the Defi space with its monopolistic tendencies, regulators were worried about the disruption it might bring to the current “tried & tested” monetary system.

Regulatory Concerns

The regulators have been extremely critical of the project citing security concerns, especially considering the pathetic data privacy record of the social media giant. FB had immediately tried to tone down the enthusiasm around the launch of the Libra coin by saying that it won’t launch the digital coin till the regulators give it the go-ahead, no matter how long it takes.

Unfortunately for FB, the criticism continued to mount as the European regulators took an…