Facebook has faced an uphill task bringing regulators onboard with its Diem payment system, even after pouring millions into lobbying and rebranding efforts.
The project, formerly known as Libra, had been envisaging a worldwide roll-out for its stablecoin, which it had planned would be pegged to a weighted basket of international currencies.
Formerly known as Libra, the token is expected to be launched as part of a small test project in the coming month, during which time it will only be pegged to the value of the U.S. dollar.
The stablecoins caused consternation in the U.K. when its launch was originally mooted back in 2019, in common with governments and central banks elsewhere in the world.
A staunch critic of Silicon Valley, writer and journalist David Gerard offers a stinging critique of Facebook’s cryptocurrency project.
There has been no sign of slowing down for the digital currency industry as the recent G7 meeting concluded that world governments agree on digital assets regulations.
Facebook has been threatened with legal action after rebranding its Libra stablecoin to “Diem,” following objections from a finance startup with the same name.
The company is hiring a new payments head, with digital currencies, CBDCs and decentralized ledger technology among the areas of focus.
In this week’s Pulse episode, we have the latest in cyberspace and Queen’s Elizabeth’s reaction after getting a blockchain journal in the mail.