Biden admin fears Diem undermines economy - report

Friday, 10. September 2021 18:58

Biden administration officials fear that Facebook-backed Diem could undermine the stability of financial systems, according to a report published by the Washington Post on Friday.

Citing sources familiar with the matter, the publication states that the Biden administration believes that the network that is being built could expand rapidly, thus threatening the global economy if it crashed. Moreover, Facebook's association with Diem is working against the project as officials fear that the reach the social media giant has across the globe could scale up the project exponentially.

Reports also indicate that over the past week's Facebook executives have been meeting with government officials to try and address their concerns, but so far it is unknown how far those assurances went. Previously, Facebook admitted that there is a lack of trust between Washington DC and the company.

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