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Facebook Libra: The inside story of how the company's cryptocurrency dream died

By Hannah Murphy and Kiran Stacey
Financial Times·
25 mins to read

It had the blue-chip partners, the tech and the right players. None of which could save it.

On June 24 2021, Jay Powell and Janet Yellen sat down for their weekly breakfast amid the ­austere surroundings of the US Treasury building on 1,500 Pennsylvania Avenue. There was only one major question on the agenda: should they give the green light for a global cryptocurrency designed by Facebook?

The chair of the Federal Reserve and the Treasury secretary were both DC

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