Changes would be done to Libra’s virtual currency plan before it launches in January

We are living in a world where rapid development is taking place. Over the past few years; improvements in technology related to the sector of finance are being introduced in the market at full tilt. A huge increase in people using online payment transfer methods, instant money transfers, and contactless payments was observed. Moreover, an estimated number of 1.92 billion people were using online money transfer systems for selling or purchasing products in 2019.

In such a situation; Facebook found it necessary to introduce a digital currency based payment system with the original name of “Libra” on June 18, 2019. The company believes that transactions should be as easy and cheap as sending a text message. It has a plan of including private currency and using it as a form of cryptocurrency. It is expected by the company to launch its final plan in 2021. However, the company's fundamental scheme is already out, with currency and network yet remaining non-existent.

This week; on 1st December 2020, in the official blog post; the association announced changing its name from “Libra” to “Diem” – a Latin word referred to as a new start of the project by the organization. Additionally, it also mentioned adding new key executives for the aim of considering it to be a separating, different, and unlinked identity to Facebook.

In its official blog post, the company further claimed that it would generate safe, secure, and manageable payment functions to assist businesses and consumers all over the globe.

The company announced that Diem Networks has recently appointed James Emmett at the seat of Managing Director. Sterling Daines has been elected as Chief Compliance Officer along with lan Jenkins to be the Chief financial and danger deputy of the association. Lastly, Sumaya Bhavsar was chosen to serve the company on the post of General Counsel.

Before, the company added the new members to its project; last year it canceled the contracts signed with many of several older assisting members of Diem- previously known as Libra. Paypal was one of them which according to its annual report in 2018 earned an amount worth 15.45 billion US dollars with the calculated transactions of 578 billion US dollars over the year. Mastercard, Visa, Mercado Pago, eBay, Stripe, and Booking Holdings along with Vadofane were all those companies who had to quit this Facebook’s initiated plan. Diem claims that it was due to privacy concerns that it had to farewell all these companies. Furthermore, Facebook has decided to rename its cryptocurrency wallet to “Novi” which was previously named “Calibra”.

It was in October 2019, when Facebook decided to collaborate with 20 other partnering firms formally to initiate this cryptocurrency project. The meeting was formally held in Geneva.

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