Project Libra rebrands as Diem and will soon launch single coin backed by US Dollar

Back in the summer of 2019, Facebook the company behind project Libra with advanced plans of launching its own cryptocurrency with many partnerships such as Mastercard, Visa, eBay & Stripe have suddenly fallen through the cracks due to the global regulatory scrutiny around Facebook's ability to provide financial privacy with previous records of not protecting well its customers personal information, along with some fears of Libra if successful becoming a replacement for traditional currencies. With that, the project has shifted its plans and will now attempt to launch not as prosperous product as initially planned, starting off with a stablecoin branded as Diem backed by the U.S. dollar.

• The initial plan of Libra token was to be backed by a basket of currencies and the US Treasury securities to avoid the price volatility which is known to be high in various cryptocurrencies such as Bitcoin.

• Facebook has pitched the cryptocurrency as an easy and quick to transfer digital money which could be spent both online or offline, with companies like Facebook being able to offer financial products and services around it.

• Towards the beginning of 2020 Libra has dropped the plans of its cryptocurrency being backed by financial assets such as the US Treasury securities and has shifted towards its cryptocurrency being backed by multiple currencies such as U.S. Dollar, Pound sterling, Euro & Japanese yen.

• The latest news however highlight that the cryptocurrency will be much more limited upon its initial delivery with the latest plans being of a single coin being launched solely backed by the U.S. Dollar and rumors that it could be launched as early as January 2021.

• Facebook also appears to be making efforts at distancing itself from the cryptocurrency project which has just been re-branded from Libra to Diem and is planned to be launched under Switzerland Regulatory jurisdiction, after approvals are granted by the Swiss Regulators.

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This article was originally published on publish0x

Resources

1. https://en.wikipedia.org/wiki/Diem_(digital_currency)

2. https://www.zdnet.com/article/libra-changes-name-to-diem-for-organisational-independence/