The Libra Association shows its determination so that Facebook’s cryptocurrency, until now called Libra, can finally be a reality. In this regard, it will now be renamed Diem, and it is also bringing in new key executives as measures to strengthen its organizational independence from Facebook, as it moves towards its regulatory approval so that it can finally see the light.
As we discussed a few days ago, Libra’s initial ambitions have faded along the way, leading to the formula that allows it to have the go-ahead from the regulatory authorities.
It was not at all pleased that Facebook itself is behind the Libra project, in addition to the fact that the project itself has been seen as a threat to the current traditional banking system.
New efforts to ensure that it can finally be operational
For this reason, the project has been acquiring different approaches until currently leading to the initial launch of a digital currency, backed by the dollar, to achieve its stability against the volatility existing in other cryptocurrencies, such as bitcoin.
According to Bloomberg, the digital currency will be called Diem dollar.
For Stuart Levey, executive director of the Diem Association:
The Diem project will provide a simple platform for fintech innovation to flourish and enable consumers and businesses to make instant, low-cost and highly secure transactions.
This new payment system, with a global and financially inclusive vocation, will have its own virtual wallet, called Novi for a few months, which will be integrated into the Messenger and WhatsApp applications to facilitate payments between people and product purchases.
Levey adds that:
We are committed to doing so in a way that promotes financial inclusion, expanding access to those who need it most, and at the same time, protecting the integrity of the financial system by deterring and detecting wrongful conduct. We are excited to introduce Diem, a new name that indicates the growing maturity and independence of the project.
The Diem Association has also presented to Diem Networks, the subsidiary of the project, to act as operator of the regulated payment system, one more effort to obtain the approval of the regulatory authorities.
Both the Diem Association and Diem Networks now have new world-class professionals to lead them.
It only remains for the project to finally receive the long-awaited approval so that it can begin to function, for which, the members of the Diem Association will also be able to add their grain of sand by integrating it into their own services, to push its use among their respective users.