Facebook-backed cryptocurrency libra has been rebranded “diem” in a renewed effort to gain regulatory approval by stressing the project’s independence.
Facebook’s libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project.
Bitcoin’s biggest rally in more than a week has pushed it to the brink of $12 000, a key level watched by chartists and technicians.
Financial leaders of the world’s seven biggest economies will say on Tuesday that they oppose the launch of Facebook’s planned libra stablecoin until it is properly regulated, their draft statement showed.
Facebook and its partners said their libra cryptocurrency project will now support multiple versions of the digital coins, the majority of which will be backed by individual fiat currencies.
Many members of the Libra Association – a Facebook-led effort to create a global cryptocurrency – are now also backing a rival effort.
Facebook and its partners are considering redesigning the libra cryptocurrency project so that the network accepts multiple coins, including those issued by central banks, in an effort to woo reluctant global regulators.
US banking giant JPMorgan Chase & Co is broadening its perspective on blockchain technology to show how digital money will change the financial world.