Facebook-backed digital currency project narrows focus to US
Facebook has renamed its crypto project from Libra to Diem. It has additionally scaled down its ambitions: the currency is no longer available internationally (including Geneva), but only in the USA, and its not backed by a basket of currency as planned for Libra. Its scope was scaled back to a single dollar-backed digital coin. Diem will use blockchain, but not for mining as bitcoin does. This less ambitious project follows the general trend of monetary regulators to reduce the powers of tech platforms in the financial field.