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The Rise and Fall of Facebook's Libra: A Legacy of Legislative Efforts and Mainstream Recognition for Crypto

Facebook's Libra stablecoin aimed to revolutionize cross-border remittances and international commerce, but faced pushback from global legislators, leading to many of their plans being abandoned.

Despite its failure to launch, Libra's legacy includes increased mainstream recognition for cryptocurrency and inspiring legislative efforts worldwide to address the crypto industry, including the emergence of central bank digital currencies and legislation addressing stablecoins.

Libra also acted as a "heat shield" that absorbed the majority of regulatory and policy responses.  

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