Facebook's crypto project Diem sold after pushback

Facebook has sold its digital currency project Diem for RM761.76mil, after years of regulator pushback prevented it from developing. — REUTERS/File Photo

The Facebook-backed digital currency project Diem announced Monday the winding down and US$182mil (RM761.76mil) sale of its technology, capping a years-long initiative that drew significant concern from regulators.

Facebook's announcement in 2019 of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials, who expressed a barrage of criticism about the security and reliability of a private network.