Facebook’s digital currency Libra changed its name in Diem in anticipation of 2021 Launch
After the opposition from governments and central banks that met the cryptocurrency Libra, Facebook is now working on Diem: a stablecoin anchored to the dollar, which promises to revolutionize the universe of payments and financial transactions.
Libra Association’s (now renamed to Diem Association) stablecoin aim is to give access to the financial system to approximately 1.7 billion unbanked people worldwide, who do not currently have access to financial services, that will be able to pay and exchange money quickly and easily.
The project promises that, from the beginning, the service cost will be low to zero, for paying bills, public transport, by scanning a code.
The Libra Association put together by Facebook as a non-profit association based in Geneva last year, has now rebranded into Diem Association in further efforts to distance itself from the original Facebook-led vision, which envisioned launching a stablecoin backed by a basket of fiat currencies, what immediately prompted international regulatory backslash. Facebook isn’t itself a member of the governing association, though its subsidiary Novi (formerly Calibra) is.
Libra is ready to launch its first stablecoin, the “Diem dollar,” as soon as the new entity is licensed through the Swiss Financial Market Supervisory Authority (FINMA).
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Originally published at https://www.redpublic.com on January 12, 2021.
