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As announced, in parallel to the launch portfolio Newwhich is to take place in 2021, it will be reactivated Pound. Kryptowaluta will change its name to diem. He officially confirmed this information David Marcus, subsidiary boss Facebook of Financial Novi, during Singapore FinTech Festival.
Libra's rebranding to Diem
Hearing about that stablecoin Facebook will change its name, they've been around for some time. The decision to rebrand Libra is due to the fact that the project in its original version is no longer profitable, and the hostile attitude of the regulators also turned out to be significant. Initially diem It was supposed to be a stablecoin anchored in fiat currencies, but most likely it will be based solely on US dollars.
Regulatory problems
Despite the new version of the project, regulators are still not very friendly towards it. David Marcus does not hide the hope that Diem will obtain the required approvals next year, although he realizes that it will not be easy to gain full trust.
Libra in its new version raises many doubts as to whether its use will be legal. Therefore, a draft act was created to regulate the use of stablecoins, through the use of tools such as, for example, appropriate banking licenses and mandatory reserves. Marcus also points out that Facebook would be able to create its own coin, using, inter alia, WhatsApp and Messenger. However, a different path was chosen, involving other companies in the project.
Diem a threat to monetary sovereignty?
Nevertheless, despite numerous declarations about sincere and honest intentions, Dim still raises many doubts. This is evidenced by the statement of the German finance minister during the G7 summit. Olaf Scholz concluded that neither Germany nor Europe would accept Diem's entry into the market as long as there are regulatory ambiguities. He also added that everything should be done to keep the monetary monopoly in the hands of the states. Such a powerful private player as Facebook, introducing its own means of payment, may lead to the creation of an alternative currency for central banks. This, in turn, would pose a great threat to monetary sovereignty.
