Mark Zuckerberg has another answer to bitcoin. It is called Diem
Live MintLast year’s backlash against Facebook Inc.’s planned digital currency Libra would have been most CEOs’ worst nightmare. There’s no more talk of rewards for members in the form of “investment tokens.” The biggest concession to regulators is that Facebook will no longer create a single global currency. Facebook is even proposing that central banks one day use the Diem blockchain to issue digital currencies, similar to China’s testing of a digital yuan. As German Finance Minister Olaf Scholz put it, referring to Libra’s name change, “a wolf in sheep’s clothing is still a wolf.” The noose is already tightening around such stablecoins with Europe imposing more bank-like capital requirements, says Simon Polrot, head of crypto-development non-profit ADAN.
History of this topic
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The IndependentFacebook’s cryptocurrency venture to wind down and sell tech assets
The HinduFacebook’s top cryptocurrency executive is leaving the company
The Hindu
Mark Zuckerberg has another response to Bitcoin’s success
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