Diem struggling to win over officials in Washington despite rebranding efforts
Diem’s push to launch stablecoins and a global payment system might suffer from the seemingly brewing anti-crypto sentiment among key U.S. policymakers. Facebook’s ambitious digital currency payment project Diem is yet to get off the ground despite concerted attempts to win over financial regulators.According to The Washington Post on Friday, Diem is facing difficulties smoothening regulatory wrinkles with senior policymakers in the Biden administration.Even with the full weight of Facebook’s significant lobbying power in Washington, the digital currency project is yet to get off the....
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There are two big questions on everyone’s lips now: What exactly is Facebook’s Diem, and what it will offer its potential 2 billion users? The year 2021 seems to be a big year for the blockchain world as several projects, such as nonfungible tokens (NFTs) and centralized decentralized finance exchanges (CeDeFis), are taking the central stage. Also at the forefront is Facebook’s Libra.Not too long ago, the media was rife with the news that the world’s largest social media network was developing plans for a global digital currency. Then, after a while, it looked like Facebook shelved plans....
Fireblocks and First Digital Asset Group have developed a seamless connection to Diem, allowing financial institutions to access the emerging payment network. The platform is still awaiting regulatory approval before it can launch. The Diem Association is progressing towards launch with a new technical upgrade that reportedly allows more financial institutions to connect with the payment network. Crypto security specialist Fireblocks and First Digital Asset Group, a Diem payment provider, announced Tuesday that they’ve developed a secure wallet and infrastructure that allows financial....
When Facebook announced its Diem blockchain project, many people got excited. But unfortunately, it is a system that remains a closed loop, which is unfortunate despite the ecosystem’s potential. The team behind Pontem Network aims to change this narrative by creating a permission-less version of Diem. Pontem Network Complements Facebook’s Diem The vision of Pontem […]
Meta has officially given up on its stablecoin project Diem after more than two years of efforts to launch the digital currency. Meta, formerly branded as Facebook, has officially announced the closure of its digital currency project Diem after years of major efforts to move forward with the initiative.Announcing the news on Monday, Diem CEO Stuart Levey confirmed that Meta is selling intellectual property and other assets related to the Diem stablecoin project to its Silvergate Capital Corporation.The Diem Association and its subsidiaries will start winding down operations “over the....
Besides securing approval from Swiss regulators, Diem seems likely to face opposition from government regulators in many countries. Back in June 2019, social media giant Facebook released the details for a much-talked-about digital currency platform dubbed “Libra.” These days, Libra is known as Diem, with the project undergoing a significant rebranding in a bid to smoothen regulatory wrinkles.A year and a half later, the Diem Association has yet to launch a digital token with regulatory approval from Swiss authorities yet to materialize. Even if Switzerland’s Financial Market Supervisory....