Facebook’s digital currency project, Diem (originally called Libra), is still on track despite trying to build collaborative relationships with financial regulators. No.
Washington Post ArticlesAccording to the report, Diem is facing concerns from policymakers in the Biden administration.
According to media reports, Diem’s head David Marcus met with regulators in Washington in early September. According to an anonymous source who attended the meeting, Marcus emphasized the benefits of Diem’s payment app Novi and argued for the importance of digital currencies in increasing access to financial services.
According to Diem, regulators were pleased with some of the project’s design changes.In fact, DiemPublished in 2019We have made significant changes since time.
Originally named Libra, the Facebook-led project was designed as a basket-type stablecoin backed by multiple fiat currencies and was designed to be used for global payments.
When it was rebranded to Diem, it became a digital currency based on one fiat currency, such as stablecoin pegged to the US dollar. Diem has also addressed the money laundering problem that emerged during the Libra initiative.
But Washington policymakers still seem to be concerned about the existence of private stablecoin. Treasury Secretary Janet Yellen announced in July that he would convene a working group to discuss stablecoin. In Congress, Senator Elizabeth Warren and others have become strong opponents of Stablecoin.
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