wordpress blog stats
Connect with us

Hi, what are you looking for?

Facebook-backed Diem to launch stablecoin pilot later in 2021: Report

Facebook-backed digital currency project, Diem Association, is launching a pilot with a single stablecoin pegged to the US dollar later this year, CNBC reported. As the adoption of crypto-currencies grew in the wake of pandemic Diem lost the support of many initial partners like Visa and Mastercard, both of whom have moved to supporting cryptos. Diem's decision to pursue a stablecoin model is essentially, a dilution of the original idea for a digital currency that would be indexed to a basket of global currencies. Attributing to an anonymous source, the report said that the association will launch a digital currency called 'Diem' in a small-scale pilot which will focus largely on transactions between individual consumers. It said that there will be an option to buy goods and purchases with the currency. The Diem project is currently in talks with Swiss regulators to secure a payment license, the report said. CNBC could not confirm a date for the launch. According to a recent report by the Citi Group, Diem could become a white label central digital currency (CBDC) provider. "Diem is also designed to enable a very high degree of interoperability between different participants, whether these are banks, financial institutions, service providers, like wallet providers to consumers, payment service providers, etc. And can build an infrastructure layer on top of future national CBDCs," it said. Bank in 2019, Facebook began bringning together various startups and financial services giants to create a global digital currency called Libra. However, after facing massive opposition…

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

Among other subjects, I cover the increasing usage of emerging technologies, especially for surveillance in India

Free Reads

News

The service from the tie-up will initally be launched at Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam railway stations

News

The Minister's response came after an X user posted answers generated by Gemini regarding Prime Minister Narendra Modi.

News

Vaishnaw said that in the next five years, there will be significant disruptions in the way telecom technology operates.

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