- The Dime Association aims to start a pilot project with a single In 2021, the stable coin reached the US dollar, As he said CNBC A source close to the project.
- The Facebook-backed Digital Currency Project (NASDAQ :), formerly known as Libra, has met with strong opposition from regulators. And lost several key sponsors and executives.
- At the same time, Deem undergoes a complete makeover and is currently in talks with Swiss financial regulators To obtain a paid license.
Investing.com – Facebook wants to revolutionize finance with global digital currency; Then came the regulators. The token, first introduced in June 2019 under the name Tulawa, was initially a universal currency pasted into a basket of sovereign currencies such as the US dollar and the euro.
But after strong opposition from regulators around the world, lThe organization overseeing the project has lost key sponsors, including Visa (NYSE 🙂 and MasterCard (NYSE :).
The group finally watered down the projects by selecting multiple “stable coins” that support different government-backed different currencies and multiple multi-currency currencies.
The Facebook-backed digital currency now known as DIME is expected to launch later this year, however, in a much more limited form than the original Libra concept.
Stablecoin Pilot Project
The Dime Association, a Swiss-based non-profit organization that oversees the development of DIME, A pilot aims to launch a single stablecoin into the US dollar in 2021 CNBC A person familiar with the matter.
The source said he would like to remain anonymous as details have not yet been made public This pilot project will focus on small-scale and primarily transactions between individual clients.
Users may also have an option to purchase goods and purchases, Add this font. The coin is expected to be ready by the end of the year, but no official confirmation date has been received yet.
“It really deviated from the radar in a surprising way,” he points out. CNBC Michael Casey, content director and former financial journalist at Coyndes, a cryptocurrency publication.
When first introduced, Deem underwent intensive testing. Given the wide scope of Facebook (which had 2.8 billion active users per month in the fourth quarter of 2020), central bankers and politicians feared that the currency would threaten monetary stability and allow money to flow. Facebook’s intervention also means that users are concerned about how to protect their privacy.
“The response was so challenging to the international order, and the response was really strong,” Casey said.
About two years after the initial introduction, the Dime Association lost many members and executives.
Visa, MasterCard and Stripe were the first companies to withdraw from the association. PayPal (Nasdaq :), eBay (Nasdaq :), Vodafone (LON :).
Deem’s technology has “moved from an innocuous blockchain over the past year and a half to a very innovative blockchain, and you can see that regulators are trying to answer some of the questions they have,” explains Ron Goldie, CEO of Digital Assets. A group that prepares the basic building materials to accept merchants as a payment method.
“I think this will go on this year,” said Michael Groner, CEO of Chinesealis, a blockchain analytics company. “Otherwise it will be a missed opportunity.”