Diem is \u2018reinforcing its organizational independence\u2019The Libra cryptocurrency is getting a new name today, Diem, in an effort to show that the project has \u201corganizational independence\u201d as it attempts to get regulatory approvals for launch. The project initially received widespread push back in part because it emerged out of Facebook and in part because its ambitious aims seemed to threaten traditional government-run financial systems. The independent organization that runs the project, the Libra Association, will now be known as the Diem Association, and Bloomberg reports that its currency will be called the Diem Dollar.Diem, as it is now known, has shrunk significantly in scope since it was first announced. Major launch partners pulled support in quick succession last year because of its controversial nature and the regulatory hurdles it faced due to concerns from lawmakers. At a House Financial Service Committee hearing last year, Congress members expressed significant distrust of Facebook as they questioned company CEO Mark Zuckerberg about the project\u2019s goals.Diem is supposed to offer \u201cinstantaneous, low-cost, highly secure transactions.\u201dThe project is now rumored to launch in a much more limited form. According to the Financial Times, the cryptocurrency could debut as a single coin backed by the dollar, with an initial launch as early as January 2021. Libra was initially meant to be a single coin pegged to multiple currencies for stability that could be traded in place of them; it was later changed to also offer multiple coins that would each be backed by a different currency. Those coins would be \u201ca complement to, not a replacement for, domestic currencies,\u201d the organization wrote in April.\u201cThe Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions,\u201d Stuart Levey, Diem Association CEO, said in a\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Diem is \u2018reinforcing its organizational independence\u2019The Libra cryptocurrency is getting a new name today, Diem, in an effort to show that the project has \u201corganizational independence\u201d [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/2879"}],"collection":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/comments?post=2879"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/2879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/media?parent=2879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/categories?post=2879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/tags?post=2879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}