Topic: Facebook coin will now be DIEM (Read 98 times)
This information is already a little out of date. On December 1st of last year, there was indeed a similar notice, which spoke of the planned release of Diem in January 2021, when the Swiss regulators where this stablecoin was registered must issue all permits. However, then it turned out that in England for some time there has been a cryptocurrency company that has a token with the same name Diem (translated as Day) and it intends to defend its right to this brand in court. I don’t know how this dispute was resolved, however Diem release has now been postponed to February next year.
Well, I expect cryptocurrencies, tokens or stablecoins that are not well decentralized to face alot of problems with regulators in the future. It's going to be really challenging for them if they can't follow the national rules without compromising on the ideals
This is not just a re-branding, the new global crypto backed by Facebook will not look at all like LIBRA was intended, but more like a digital dollar stablecoin. Facebook is known for trying many things and succeeding only in a few, so it will be something to follow closely. Regulations are probably a major obstacle.
https://www.cnbc.com/2021/04/20/facebook-backed-diem-aims-to-launch-digital-currency-pilot-in-2021.html
https://www.cnbc.com/2021/04/20/facebook-backed-diem-aims-to-launch-digital-currency-pilot-in-2021.html
Quote
KEY POINTS
The Diem Association is aiming to launch a pilot with a single stablecoin pegged to the U.S. dollar in 2021, according to a person familiar with the matter.
Formerly known as Libra, the Facebook-backed digital currency project faced strong opposition from regulators and lost several key backers and executives.
At the same time, Diem has gone through a complete makeover and is now in talks with Swiss financial regulators to secure a payment license.
The Diem Association is aiming to launch a pilot with a single stablecoin pegged to the U.S. dollar in 2021, according to a person familiar with the matter.
Formerly known as Libra, the Facebook-backed digital currency project faced strong opposition from regulators and lost several key backers and executives.
At the same time, Diem has gone through a complete makeover and is now in talks with Swiss financial regulators to secure a payment license.
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