Facebook-Backed Digital Coin Libra Gets Rebranded as Diem

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Fb-backed cryptocurrency Libra has been rebranded “Diem” in a renewed effort to achieve regulatory approval by stressing the venture’s independence.

Plans for Libra, first floated by Fb final 12 months, had been slimmed-down in April after regulators and central banks raised considerations it might upend monetary stability, erode management over financial coverage and threaten privateness.

Tuesday’s title swap is a part of a transfer to stress an easier, revamped construction, Stuart Levey, CEO of the Geneva-based Diem Affiliation behind the deliberate digital coin, stated.

“The unique title was tied to an early iteration of the venture that acquired a troublesome reception from regulators. We’ve dramatically modified that proposition,” Levey advised Reuters.

Diem, which suggests “day” in Latin, now goals to initially launch a single dollar-backed digital coin, he added.

He declined to touch upon timing for the launch, which the Monetary Instances reported final week may very well be as early as January, saying solely that it might solely go forward after approval by the Swiss markets watchdog.

Fb, which modified the title of its funds unit Calibra to Novi Monetary in Might, stays one in every of 27 members of the Diem Affiliation, previously the Libra Affiliation. Novi’s head, David Marcus, is one in every of Diem’s 5 board members.

“They’re a critically-important member of the affiliation,” stated Levey of Fb’s persevering with involvement.

“We aren’t attempting to chop all ties, by any stretch. It (the title change) is to suggest that the affiliation is working autonomously and independently,” he added.

Diem goals to set itself aside from others by its concentrate on facets of concern to regulators and western governments, together with sanction controls and monetary crime, Levey stated.

The venture has stated it might develop insurance policies on anti-money laundering, terrorist financing and sanctions compliance and has ditched earlier plans to permit anybody to affix its community.

© Thomson Reuters 2020

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