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Crypto Project Libra Renamed to Diem. What Facebook Plans?

2 December 2020, 17:09
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The promising crypto project initiated by Facebook, Libra, was renamed to Diem on Tuesday, December 1. The managing staff of the new Died Association was upgraded with experienced individuals in legislation and the financial sphere. Login Casino reviews the latest cryptocurrency news and explains why the rename happened and what it will give to Facebook.

Crypto Project Libra Renamed to Diem. What Facebook Plans?

The desire to launch its own cryptocurrency led Facebook to the deal with Libra Association. However, their common initiative faced several challenges, including ten American states' approval and support from the side of the Swiss financial regulator FINMA.

The general vulnerability and instability in the digital currency market forced managers to review the whole project. Both sides agreed that some structural changes are inevitable. Renaming Libra into Diem means attracting Diem Networks, payment system operator, to the process.

The structural changes also led to changes in the top managerial staff. Diem Association now welcomes Christy Clark (former politician), Steve Bunnell (US Attorney), Stuart Levey (well-known financier), and Dr. Dahlia Malkhi (computer scientist who worked at Microsoft). The latter received a CTO position, while Stuart Levey will be controlling the other two members.

What will this step change?

As the primary motivation for the structural and label changes was the inability to cope with possible financial crimes that might occur, the new members have to eliminate this aspect. Interestingly, the renewed staff includes not only technical and financial specialists but also experienced politicians to facilitate the process.

The initial launch of the Libra token was planned for early 2021, while now those plans could be delayed. However, the renewed approach promises a more stable coin that should be tightly related to one of the basic fiat currencies like dollar or euro.

Read moreWhat are the primary differences between Bitcoin and Ethereum?

Read moreWhy do Blockchain stocks are so valuable now?

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