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The Facebook-backed digital currency project Diem announced Monday the winding down and $182-million sale of its technology, capping a years-long initiative that drew significant concern from regulators.
The Facebook Inc-backed digital currency project Diem on Monday announced the winding down and US$182 million sale of its technology, capping a years-long initiative that drew significant concern from regulators. Facebook’s announcement in 2019 of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials, who expressed a barrage of criticism about the security and reliability of a private network. Diem Networks’ US CEO Stuart Levey said in a statement that the initiative made progress, but “it nevertheless became clear from our dialogue w...
The Facebook-backed digital currency project Diem announced Monday the winding down and $182-million (roughly Rs. 1,360 crore) sale of its technology, capping a years-long initiative that drew significant concern from regulators.
The Diem Association has also announced a partnership with Silvergate to help offer the Diem USD. Diem Association, the Facebook-aligned digital currency group, has officially announced the introduction of the Diem USD (DUSD), formally known as Libra into the crypto space. The USD-pegged stablecoin has gone through a series of challenges after policymakers and regulators tagged it as a threat to the existing financial system. The launch comes with a couple of changes including the relocation of its operating country from Switzerland to the United States of America. Diem is planning to lau...