Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: waybesuricata on February 15, 2021, 07:09:28 PM
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On Dec. 1, 2020, the Libra Association carried out rebranding and changed its name to the Diem Association. Many believe that this way, the project aims to distance itself from initial modelling of Facebook’s payment system.
This move should emphasize an updated and simplified structure of the platform as well as denote its “organizational independence.” The new name comes from a Latin word “day,” which is used in a famous saying “carpe diem” meaning “seize the moment.”
Thus, the Diem effort apparently symbolizes a fresh chance to save the initiative from regulatory pressure.
Speaking with Reuters, the Diem Association CEO Stewart Levey specified that “the original name was tied to an early iteration of the project that received a difficult reception from regulators.”
Source and continuation of the article: https://beincrypto.com/libra-diem-is-getting-back-on-track-for-2021/
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Well, this is a welcome development, at least, the planned launch of the much awaited Libra, now renamed Diem may take further steps toward the success of the project at last. The Libra (Diem) will boost the crypto development once launch.
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Back on December 1st, it was announced that Diem's supposed release will take place in January. This is due to the fact that last month they should have received permits from the Swiss regulators, where Diem was registered.
However, after a while it was found that one of the companies in England was already using a cryptocurrency called Diem and was ready to defend its right to this brand in court. Since then, nothing has been heard about the release of Diem again. Zuckerberg was out of luck again.
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I am still hoping that Libra can make it with its new packaging. This platform has a captured market just waiting considering the kind of influence that Mark Zuckerberg in the business of social media - we are not just talking of Facebook here! The kind of regulatory moves slapped against Libra should be a humbling experience to all the people behind this platform...sometimes it can be good to start insignificantly and just let the market powers the platform for its growth rather than be on the limelight instantly.
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The introduction and launch of Diem is a welcome development for the crypto industry, especially coming from a giant company. My only concern is the level of centralization and censorship that may come with such a crypto project.