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Facebook currency leaves Switzerland

Friday, 14 May 2021 05:13

Pixabay

The digital currency launched by Facebook is leaving Switzerland to set up base in the United States.

The currency was initially called Libra, but has now changed its name to Diem. 

The new currency is planned to be different from other crypto currencies by being backed by real world assets, such as the dollar exchange rate and commodity prices. 

The currency has not been successful in getting a licence from Swiss regulators, but the CEO, Stuart Levey, says they have benefited greatly from constructive feedback from regulators. 

Diem is in partnership with 25 other companies.

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