The Libra Association changes its name and becomes the Diem Association

In June 2019, Facebook officially launched Libra, a cryptocurrency that aims to make buying goods or sending money so easy as an instant message.

By attacking the field of cryptocurrencies, Facebook has launched a great challenge, since he himself is the subject of a serious crisis of confidence after a series of scandals around his management of personal data.

Libra was touted as a cryptocurrency released from the states, central banks and the traditional financial system. A universal and decentralized currency, carried by the world's largest social network, backed by the main payment agents (PayPal, Visa, MasterCard, etc.), accessible - also - for those who do not have access to banks.

It is agreed that the currency will be administered by the Libra Association, a non-profit foundation of which Facebook will be just one of the co-founding organizations.

The Libra Association is an independent, non-profit association originally composed of 28 members and based in Geneva, Switzerland.

Only the obstacles are getting higher, since in the wake of the scandals that dot Facebook, the fears of regulators who have demanded guarantees on the origin of funds, financial stability or the protection of personal data with which some members have left the project.

In fact, seven of the Libra project's top members, including PayPal, Stripe, Visa, eBay, and Mastercard, withdrew from the project as statements emerged from financial regulators in many countries.

As a clarification, the Financial Times reported in late November that Facebook's cryptocurrency is expected to launch in January 2021, but in a limited version to begin with (so it should only be accepted by a limited number of partners, including Uber and Spotify as a member of the association).

About the Diem Association

The timing of the announcement may sound like a sigh of relief and a desire to show the public that the association would like to get as far away as possible from the appearance of suspicion on Facebook about entering the industry, thereby Libra has decided to change its name.

In a blog post, it says:

“The Libra Association announces the adoption of a new name and the recruitment of key executives, strengthening its organizational independence. Now changing to the name "Diem", which marks a new day for the project, the Diem Association will continue with the mission of building a secure and compatible payment system that empowers people and businesses around the world. The Association has worked to ensure that the project is designed to meet regulatory expectations, in accordance with the Association's guiding principles in terms of innovation, inclusion and integrity ”.

"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," said Stuart Levey, CEO of the Diem Association.

“We are committed to doing this 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 illicit behavior. We are delighted to present Diem, a new name that marks the growing maturity and independence of the project ”.

As part of the effort to obtain regulatory approval and move towards the launch, Diem recently attracted a group of professionals world class to help lead the Association and Diem Networks, the subsidiary that is the operator of the regulated payment system.

This includes the appointment of Dahlia Malkhi as Chief Technology Officer of the association, Christy Clark as Chief of Staff, Steve Bunnell as Chief Legal Officer and Kiran Raj as Executive Vice President of Growth and Innovation and Deputy General Counsel.

In addition, Diem Networks recently announced the appointment of James Emmett as CEO, Sterling Daines as Chief Compliance Officer, Ian Jenkins as Chief Risk and Financial Officer, and Saumya Bhavsar as Chief Legal Officer.

With the team now in place, the Diem Association prioritizes technological and operational readiness for launch.

There is a growing consensus around the world on the need to modernize financial infrastructure and regulatory frameworks to meet changing consumer demands and keep up with global innovation in digital payments.

The Association has agreed to proceed only after receiving approval regulatory, including a payment systems license for the operational branch of the FINMA Association.


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