wordpress blog stats
Connect with us

Hi, what are you looking for?

Facebook re-brands digital coin Libra as Diem

The Libra Association, Facebook Inc's digital coin project, will now be called the "Diem Association" as part of the social media giant's attempt to rebrand and restructure. While Facebook had released a white-paper for Libra in June last year, the project did not take off as central banks and regulators had raised several concerns over the attempts to create the world's first digital coin which would be backed by a basket of currencies. Stuart Levey, chief executive officer, Diem Association told Reuters that the purpose of the name change is to signify to regulators that the association is operating autonomously and independently from Facebook, though they will remain a critically important member. Facebook had created a payments entity, called Calibra, which would act as a digital wallet for the Libra coins. In May this year, the company changed the name to Novi Finance. Although the Financial Times reported that Diem would launch its coin by January 2021, Levey told Reuters that it would only launch the coin after receiving approval from the Swiss markets watchdog. Diem will now launch a single dollar-backed digital coin and may pursue additional fiat-based cryptocurrencies, Levey told Bloomberg, indicating that the idea to create a digital coin backed by a basket of currencies has now been set aside for the time being. The single dollar-backed digital coin is essentially a "stablecoin". While many cryptocurrencies are priced based on their perceived value, stablecoins have an intrinsic value based on the underlying fiat-currency. So while 1 Bitcoin…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

Free Reads

News

This amendment widens the scope of those allowed to delete records pertaining to the direction of interception from law enforcement bodies to other authorities...

News

Pensioners can now use bank passbooks instead of mobile or Aadhaar for identity verification.

News

Indian Railways has aired a tender to install two to four cameras at the entry-exit doors of the coaches, which will be equipped with...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ