Diem Struggles To Win Over Washington Officials Despite Rebranding

Diem struggles to win over some of the Washington officials despite its rebranding while its push to launch a stablecoin and become a global payment system is still suffering so let’s read more in our latest Libra news today.

Facebook’s digital currency payment project Diem struggles and still can’t manage to get off the ground despite its attempts to win over the financial regulators. According to the Washington Post, Diem is facing many difficulties that are smoothening regulatory wrinkles with senior policymakers in the Biden administration. Even with the full weight of the lobbying power in Washington, the crypto project is yet to get off the ground.

The reports indicate that David Marcus who is the Facebook Financial head, met with the regulators in Washington earlier in September, and according to the anonymous sources, Marcus argued for the importance of crypto in broadening access to financial products while outlining the benefits of Doem’s payment app Novi. Diem representatives quoted by the Washington Post explained that the regulators are pleased with some of the design changes that were made by the project but also Diem went through some major changes to its original mandate published in 2019.

Originally named Libra, the Facebook-based project was designed to be a global payment system that includes a Facebook Coin backed by a basket of fiat currencies. In the Diem paradigm, the project is looking to launch a fiat-pegged digital currency and also wanted to address regulatory fears concerning money laundering. However, feelers from Washington believe that the key policymakers like Treasury Secretary Janet Yellen and a few members of Congress are against privately issued stablecoins so senator Elizabeth Warren referred to crypto as the new shadow bank and expressed major concerns over stablecoins.

For Diem and other projects, the growing concern over crypto in teh context of money market funds outside of the legacy banking system framework could constitute huge regulatory issues. In the meantime, legacy finance stakeholders continued pishing for accelerated central bank digital currency or CBDCs.

As recently reported, First announced as Libra in 2019, the project’s initial plans for the worldwide cryptocurrency was since scaled back dramatically which was because of a few bumps on the road including the withdrawal of the partnerships and the plating at hands of several political figures that raised objections based on Facebook’s terrible data privacy track record. The pre-sale indicates the project is much closer to launching but considering Facebook’s reputation, will Diem fail before it even starts?
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