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The CBDC promised land: As some governments falter, others press on

The CBDC promised land: As some governments falter, others press on
cointelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cointelegraph.com Daily Mail and Mail on Sunday newspapers.

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Facebook-backed Diem Association reportedly to launch stablecoin pilot in 2021

News
Facebook-backed digital currency project Diem could launch its first stablecoin in 2021 as a small-scale pilot, according to an anonymous source.
Cited in a CNBC report published on Tuesday, the source claimed that the Switzerland-based nonprofit The Diem Association is still intending to launch its pilot for a United States dollar-backed stablecoin later this year.
Diem’s stablecoin is a significantly scaled-back and rebranded version of Facebook’s initial vision for a global digital currency, native to its platform, that would be tied to a basket of multiple fiat currencies. Aside from shedding the name Libra, commentators have pointed to the thoroughgoing changes to Diem’s evolving project in response to a striking pushback from global regulators and nation-states. ....

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Many pieces of the Diem puzzle still missing as launch gets delayed

Many pieces of the Diem puzzle still missing as launch gets delayed
Besides securing approval from Swiss regulators, Diem seems likely to face opposition from government regulators in many countries.
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Analysis
Back in June 2019, social media giant Facebook released the details for a much-talked-about digital currency platform dubbed “Libra.” These days, Libra is known as Diem, with the project undergoing a significant rebranding in a bid to smoothen regulatory wrinkles.
A year and a half later, the Diem Association has yet to launch a digital token with regulatory approval from Swiss authorities yet to materialize. Even if Switzerland’s Financial Market Supervisory Authority, or FINMA, does grant a payment license to the digital currency project, Diem will be debuting its offerings to a global landscape that is significantly more fractured in terms of digital currency regulations than was the case 18 months ago. ....

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