Following the shutdown of the Diem stablecoin initiative founded by Facebook, the Financial Times reports that Meta is exploring using payment tokens that don’t use blockchain, dubbed “Zuck Bucks”. That’s a nod to Robux, the digital currency used within the Roblox game. Meta CEO Mark Zuckerberg previously confirmed plans to launch non-fungible tokens (NFTs) on Instagram, but it will also launch a pilot on Facebook in mid-May.
Facebook’s launch of the Libra (rebranded as Diem) stablecoin project in 2019 made central banks and regulators worldwide sit up and pay attention. In the absence of Diem, central bank digital currency (CBDC) research would not have progressed to the extent that it has.
The level of regulatory pushback that Diem received globally was unprecedented, so it wasn’t a massive shock when it was shut down at the end of January. It’s hardly surprising that Meta is forgoing blockchain for its own currency, for now.
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