What could have been a global game changer is now dead. More than two years after its launch in 2019, Meta has announced it will shut down its stablecoin project Diem. The project aimed to leverage blockchain technology by creating a global currency and inclusive payment system.

Meta, formerly Facebook, has decided to sell the Diem assets to Silvergate Bank after the association made it clear that the project would not be approved by federal regulators, who questioned and criticized the project for alleged money laundering. As its financial stability. The Diem assets were sold to the bank, which focuses on digital currencies, for $ 200 million.

Stuart Levey, CEO of the Diem Association and Diem Networks USA, said in a statement, "We remain confident in the potential of running a stablecoin on a blockchain designed like Diem to provide the benefits that have inspired the Diem Association from the beginning." He added that Silvergate could very well advance the vision of Diem.

In related news, Jack Dorsey, CEO of Block Inc. and founder of Twitter, criticized Meta's failed Diem project. At the recent Microstraegy World Conference, Dorsey said the company should focus on advancing BTC.

"They're trying to create a currency that's owned by Facebook – probably for the right reasons, probably for noble reasons, but also for reasons that suggest trying to get more and more people into the Facebook ecosystem," Dorsey said, adding that Meta could have spent years getting more people around the world to use bitcoin.

Meta also announced that it has joined the Cryptocurrency Open Patent Alliance (COPA), a coalition of technology and digital currency companies led by Dorsey to encourage innovation related to the blockchain. Meta has the largest patent portfolio of any other member of the consortium.

Also, here is a summary of the latest industry updates from around the world.

China has started planning a pilot of blockchain technology applications. The economic giant has selected 16 departments and 164 other entities, including the Internet Information Office, that will use blockchain to "facilitate data sharing, optimize business processes, reduce costs, improve synergies and build reliable systems. The test also covers a variety of industry groups, companies, health facilities and universities.

India plans to launch a digital version of its currency, and the country is now expected to become one of the largest economies in the world to launch a central bank digital currency (CBDC). If the plan goes ahead, it is believed that the CBDC will be released on April 1 at the start of the 2022-2023 fiscal year.

According to Finance Minister Nirmala Sitharaman, the country will also levy a 30 percent tax on income earned from digital assets. India joins a growing list of countries planning to issue their own CBDCs.

In Thailand, authorities scrapped plans to impose a 15 percent tax on digital currency transactions after strong opposition from traders. On Monday, tax officials explained that digital currency trading and mining income can be reported as capital gains for income tax purposes.

However, the Bank of Thailand and its Ministry of Finance will issue regulatory guidelines to restrict digital currency payments in the country. Government departments have said that digital currency payments will not benefit businesses and users, although they encourage and support the development and growth of the financial sector using blockchain technology.

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