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Tuesday December 1, 2020

Facebook is giving a new name to its digital currency, Libra

Facebook reinstated today, Tuesday naming Its cryptocurrency (Libra) to become (Diem), in a renewed effort by the company to gain the approval of the organizers, by emphasizing the independence of the project.

Facebook downgraded the ambitions of the Libra currency – announced last year – in April after regulators and central banks in the countries raised fears that the currency would harm financial stability, undermine control over monetary policies, and threaten privacy.

The head of the Diem Association – responsible for the digital currency – (Stuart Levy) said: The name change announced today, Tuesday, is part of the effort to confirm the simpler, restored structure of the currency. He added, “The original name was related to the initial status of the project, which did not win the desired acceptance of the organizers. We have changed this proposal significantly. ”

Levy added that Diem – meaning (today) in Latin – is now aiming to be launched primarily as a digital operation backed by a dollar. Levy refused to disclose the date of the launch, which the Financial Times reported last week that it would be early next January, but only said: The launch will follow the specifications of the Swiss Market Watch.

And Facebook – which changed the name of its payments unit (Calibra) to Novi Financial – is still one of the 27 members of the Diem Association, previously called the Libra Association.

“It is a very important member of the association,” Levy said of Facebook’s continued involvement in the association. He added, “We are not trying to cut all ties. Changing the name comes to indicate that the association works independently and independently.

Diem’s ​​coin aims to differentiate itself from others by focusing on aspects of concern to regulators and Western governments, including penalties and financial crime, Levy said.

He said: The project will work to develop policies to combat money laundering, terrorist financing, and compliance with sanctions, and has abandoned previous plans that would allow anyone to join the private currency network.

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