Facebook's Libra digital currency project was announced in June this year, with an aim to become the digital currency of the world. The project was intended to serve as the default digital currency for masses, especially the unbanked. However, the project was not well received by the regulators around the globe, as many questioned the working model of Libra. The project was intended to be a stable coin backed by a basket of fiat currencies like the US Dollar, Euro, and Yen. Regulators objected to this saying Libra was merely trying to use different fiat to avoid falling under the jurisdiction of any one regulatory body.
Facebook also announced a consortium of companies that would overlook the operations of Libra mutually called Libra Association. A total of 27 companies which included the likes of Visa, MasterCard and Paypal were part of the association which was intended to reach 100. Facebook said that Libra association would mutually take decisions on the project without the intervention of Facebook. However, the three major organizations pulled out of the project amid growing scrutiny.