Facebook has renamed its digital currency Libra to Dime in an effort to reassert institutional autonomy, in order to secure regulatory approval for the project.
According to a statement issued by the institution, the new name is a Latin word meaning day.
Dime Association CEO Stuart Levy said the name reflects the project’s conscious and independent nature.
It is not clear how this new name reflects the autonomy of the project
It is to be noted that Facebook announced its digital currency Libra in June last year, but there were several obstacles in terms of offering it to users.
Last week, the Financial Times reported in a report that the project is being introduced by Facebook in January 2021, but it has been scaled back compared to earlier.
Libra was to be introduced by Facebook in the form of multiple digital coins representing different currencies such as the US dollar, while one coin would be a combination of all currencies.
But now Facebook is offering a digital currency with US dollars and other currencies will be made a part of this project at some point later.
Basically, it’s not Facebook’s cryptocurrency, but it’s a project of Dime Association, which Facebook is a co-founder of and was previously called Libra Association.
The association will act as a financial authority and the project aims to help the development of billions of people.
Facebook has a strong interest in digital cash, and company founder Mark Zuckerberg has said in the past that sending type online in the near future will be as easy as sending a photo.
Dime is also designed for the same purpose to help people transfer money online while its popularity will also increase the number of Facebook users.
But Mark Zuckerberg admitted that Facebook will also benefit from people using cryptocurrency because it will be able to use more advertising.
Dime has several members and Facebook is one of them, each member has one vote in the association or its headquarters in Switzerland.
Several founding members of the association have since left the project, including PayPal, eBay, Strap, Visa and MasterCard.
At present the association has a total of 27 members.
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2024-07-08 12:23:10
