How is Facebook’s DIEM stablecoin progressing?
Facebook is exploring the prospects for changing the concept of the Libra cryptocurrency project and the possibility of supporting new stablecoins, including those issued by central banks.
According to Bloomberg, Libra Association consortium discusses the issue of modernizing its cryptocurrency and transforming the project into a payment network that will work with various digital assets.
The organization plans to diversify its activities and in parallel with the initially announced stablecoin, launch new ones, pegged to only one specific currency, for example, the US dollar, euro or pound sterling. Since several central banks have already announced plans to launch digital counterparts national currencies, the association is also considering the possibility of their support and storage in the Calibra wallet.
Facebook intends to create a global payment network that will allow any of its 1.7 billion users to transfer funds quickly and easily. However, the scale and pegging of the Libra stablecoin to the currency basket stunned regulators, who began to put pressure on the team and slow down the development of products in every possible way..
Because most countries refused to accept the project in its current form, the consortium began to look for points of contact with governments, part which ready to go compromise on mutually beneficial terms.
text: Ivan Malichenko, photo: New York Post