Tech Brew Ride Home Wed. 01/26 – Diem Dead?
Jan 26, 2022
Mark Zuckerberg's crypto aspirations take a hit as discussions to sell Diem spark questions about the future of stablecoins. Meanwhile, the IMF advises El Salvador to reconsider its Bitcoin policy. Microsoft is making strategic moves with Activision's game exclusives, while Samsung gears up for its Galaxy S22 launch. Plus, YouTube is stepping up its game against TikTok, leveraging its massive platform. All this while the tech world continues to grapple with security challenges posed by Log4Shell.
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Diem’s Demise
- Meta's Diem Association is reportedly seeking to sell its intellectual property and find new placements for its engineers.
- Regulatory scrutiny forced Diem to scale back its ambitions, and resistance from the Federal Reserve delivered the final blow.
Stablecoin Regulation
- Federal watchdogs want stablecoin issuers to be regulated banks if the tokens are used for transactions.
- They fear the potential concentration of economic power if tech companies' users begin transacting in a new currency.
El Salvador's Bitcoin Risk
- The International Monetary Fund (IMF) is urging El Salvador to remove Bitcoin's status as legal tender.
- The IMF cites large risks associated with Bitcoin and its use as a major obstacle to El Salvador's loan request.