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Diem, the efforts to change the initial project are still not enough

The road is still uphill for the Facebook stablecoin

diem, the new cryptocurrency of Facebook, continues in his attempt to modify the initial project, with the aim of eliminating the defects highlighted by the political world. A policy aimed at smoothing the corners and ensuring that relations between the counterparties are cleared of initial suspicions. Which had pushed the institutions to an attitude of clear closure. Of which she had been the interpreter above all Maxine Waters, chairman of the House Financial Services Committee. Which has never hidden its aversion towards Mark Zuckerberg's project, placing itself at the head of those opposed to it.
The company's attempts, however, do not seem to have yielded great results so far. At least according to an article in the The Washington Post, in which it is stated that the heads of the regulators of the United States still consider the Facebook openings insufficient.

David Marcus Facebook - Diem, the efforts to change the initial project are still not enough

The Washington Post article

According to the Washington Post, Facebook's number one financial services company, David Marcus, would have recently gone to the capital, with the intention of stirring the waters. In particular, according to the newspaper, he would have tried to convince the counterpart that Novi, the Diem-based payments platform, could turn out decisive for helping the unbanked. That is the millions of people who are currently unable to establish a relationship with the traditional banking world. Consequently, they are left without tools capable of helping them manage their assets. On the outcome of these talks, however, the versions given by the counterparties tend to diverge extremely widely.

The Facebook version

Sources inside Facebook say the direction taken by the company to bring its stablecoin to life would have favorably impressed regulators.. Adding precisely with the Washington Post that the restyling project undertaken to eliminate the most controversial parts, starting from the abandonment of functions such as anonymous transactions, would have led to a positive judgment of what was put in place by the working group that arose around Diem .
A version released by anonymous sources which, however, does not seem to correspond to the reality of things. Indeed, it seems that the outcome was very different, at least according to the sources of the Treasury.

Diem's ​​progress would be totally insufficient

Indeed, according to an internal Treasury source, the efforts made on Diem would be completely insufficient, compared to what was requested by the bodies responsible for regulating the financial markets. Furthermore, a very specific fear continues to exist, linked in particular to the size of the proposing company. Its dimensions are so large that a possible collapse of Diem could have devastating repercussions on the US economy.
To the concerns of a purely financial nature, we must then add those deriving from the bad reputation of Facebook. On which the facts relating to the Cambridge Analytica scandal and to the processing of data.

Covid is also the subject of a clash between Facebook and politics

To the longstanding suspicions, the friction caused by the way in which the social media has addressed the issue of Covid was then added. Broadly stigmatized by President Biden, who did not have excessive hesitation in accusing the creation of Mark Zuckerberg of favoring disinformation on the subject.
A series of disagreements which seem in fact destined to weigh heavily on Diem's ​​chances of seeing the light, at least in a short time, unless a repentance by Facebook which, however, does not seem likely at the moment.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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