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Facebook-Backed Diem Pulls Swiss Stablecoin Application


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Facebook-Backed Diem Pulls Swiss Stablecoin Application
Law360, London (May 13, 2021, 1:00 PM BST) Digital currency group Diem Association, which is backed by Facebook, has withdrawn its application for authorization in Switzerland as a blockchain-based payment system to allow it to focus on the U.S., the Swiss financial watchdog has said.
The Swiss Financial Market Supervisory Authority said late on Wednesday that Diem Networks GmbH is pulling its application under Switzerland s Financial Market Infrastructure Act, even though the process is at an advanced stage.
Geneva-based Diem, which was formerly called the Libra Association, is made up of the Diem Association, which has 26 members from the payments and technology sector, and Diem Networks, the payment. ....

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Diem, Formerly Libra, Withdraws Application in Switzerland to Focus on US Dollar Stablecoin


Diem, Formerly Libra, Withdraws Application in Switzerland to Focus on US Dollar Stablecoin
In a significant twist of events,
Diem, formerly
Libra, has withdrawn its payment systems application in Switzerland. Diem had submitted an application to Switzerland, a crypto-friendly jurisdiction, in anticipation of launching a global cryptocurrency. The 
Swiss Financial Market Supervisory Authority (FINMA) said that Diem Networks GmbH was already at an advanced stage in its application process.
According to FINMA, Diem is now planning to launch a payment system from the USA in a first phase and target the US market with a US dollar-based stablecoin.
The original application submitted to FINMA was based on a stablecoin linked to a basket of currencies. The concept of a global non-sovereign digital currency raised the concern of global policymakers. Additionally, if Diem had included interest-bearing securities in the basket, such as US treasuries, the interest ....

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Россия стремится интегрировать часть восточной Украины — документ ЕС — Bloomberg — последние новости / НВ