Facebook appears to be moving on from the initial Libra stablecoin plan, with plans to rename the digital asset put in motion. However, its efforts have now run into a small snag.\u00a0<\/span>Following a plan to change the asset’s name to “Diem,” Facebook has received threats of a possible lawsuit over naming rights.<\/span><\/p>\n
Earlier this week, startup-focused news source Sifted\u00a0<\/span>reported<\/span><\/a>\u00a0that Diem, a London-based Fintech company, could sue Facebook over the social media giant’s proposed new nomenclature for its asset. Speaking with the news source, Chris Adelsbach, Diem’s co-founder, explained that he had gotten counsel from his legal advisers to proceed with the possible lawsuit.<\/span><\/p>\n
A name change isn’t the only thing that Facebook has instituted to its original Libra stablecoin. Late last month, the Financial Times\u00a0<\/span>reported<\/span><\/a>\u00a0that the social media giant was gearing up to launch this asset in 2021. However, instead of pegging it to a basket of cryptocurrencies, the firm had decided to adopt the dollar peg alone.<\/span><\/p>\n
The exact launch date is still not known, with much of it depending on when the Diem Association gets regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA), the regulator in its headquarters. FINMA\u00a0<\/span>announced<\/span><\/a>\u00a0that it had begun the licensing process for the holding company in April, but it has yet to give an update. The agency’s spokespeople have also refrained from speaking about the licensing process.<\/span><\/p>\n
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