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This is what Stuart Levey, CEO of the Libra Association, told Reuters on Tuesday. Diem, which means “day” in Latin, should become a digital currency linked to the dollar. Levey did not give a schedule for the introduction. The approval of the Swiss supervisory authorities must first be given.
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Facebook remains an “important member of the association,” which has 27 members, Levey said. “We’re not trying to cut all connections, by no means.” The name change is intended to emphasize that the Diem Association “works autonomously and independently,” he added. Diem wants to differentiate itself from other Krypo providers by taking into account issues important to regulators and Western governments – including sanctions controls and financial crime, Levey said.
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With its plans for its own digital money, Facebook had called governments, supervisors and central banks worldwide into action. In April, the Libra Association in Switzerland, which was founded to develop the cyber currency, submitted an application for authorization as a means of payment. However, many governments have reservations about letting Facebook penetrate the financial sector with a digital currency.
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