<s>
Diem	B-Protocol
(	O
formerly	O
known	O
as	O
Libra	B-Protocol
)	O
was	O
a	O
permissioned	O
blockchain-based	O
stablecoin	B-Protocol
payment	O
system	O
proposed	O
by	O
the	O
American	O
social	O
media	O
company	O
Meta	O
Platforms	O
.	O
</s>
<s>
The	O
project	O
,	O
currency	O
and	O
transactions	O
would	O
have	O
been	O
managed	O
and	O
cryptographically	O
entrusted	O
to	O
the	O
Diem	B-Protocol
Association	O
,	O
a	O
membership	O
organization	O
of	O
companies	O
from	O
payment	O
,	O
technology	O
,	O
telecommunication	O
,	O
online	O
marketplace	O
and	O
venture	O
capital	O
,	O
and	O
nonprofits	O
.	O
</s>
<s>
Before	O
December	O
2020	O
,	O
the	O
project	O
was	O
called	O
"	O
Libra	B-Protocol
"	O
,	O
although	O
this	O
was	O
changed	O
to	O
Diem	B-Protocol
following	O
legal	O
challenges	O
regarding	O
its	O
name	O
and	O
logo	O
.	O
</s>
<s>
Morgan	O
Beller	O
started	O
working	O
on	O
cryptocurrency	O
and	O
blockchain	B-Application
at	O
Meta	O
in	O
2017	O
,	O
and	O
was	O
initially	O
the	O
only	O
person	O
working	O
on	O
Meta	O
's	O
blockchain	B-Application
initiative	O
.	O
</s>
<s>
Meta	O
vice	O
president	O
David	O
A	O
.	O
Marcus	O
moved	O
from	O
Facebook	B-Protocol
Messenger	I-Protocol
to	O
a	O
new	O
blockchain	B-Application
division	O
in	O
May	O
2018	O
.	O
</s>
<s>
First	O
reports	O
of	O
Facebook	B-Application
planning	O
a	O
cryptocurrency	O
,	O
with	O
Marcus	O
in	O
charge	O
,	O
emerged	O
a	O
few	O
days	O
later	O
.	O
</s>
<s>
Confirmation	O
that	O
Facebook	B-Application
intended	O
a	O
cryptocurrency	O
first	O
emerged	O
in	O
May	O
2019	O
.	O
</s>
<s>
At	O
this	O
time	O
it	O
was	O
known	O
as	O
"	O
GlobalCoin	B-Protocol
"	O
or	O
"	O
Facebook	B-Protocol
Coin	I-Protocol
"	O
.	O
</s>
<s>
The	O
project	O
was	O
formally	O
announced	O
on	O
June	O
18	O
,	O
2019	O
,	O
under	O
the	O
name	O
Libra	B-Protocol
.	O
</s>
<s>
On	O
July	O
15	O
,	O
2019	O
,	O
Facebook	B-Application
announced	O
the	O
currency	O
will	O
not	O
launch	O
until	O
all	O
regulatory	O
concerns	O
have	O
been	O
met	O
and	O
Libra	B-Protocol
has	O
the	O
"	O
appropriate	O
approvals	O
"	O
.	O
</s>
<s>
On	O
September	O
18	O
,	O
2019	O
,	O
during	O
a	O
meeting	O
with	O
top	O
Senate	O
Democratic	O
leaders	O
,	O
Mark	O
Zuckerberg	O
said	O
that	O
Libra	B-Protocol
would	O
not	O
be	O
launched	O
anywhere	O
in	O
the	O
world	O
without	O
first	O
obtaining	O
approval	O
from	O
United	O
States	O
regulators	O
.	O
</s>
<s>
In	O
October	O
2019	O
multiple	O
companies	O
left	O
Libra	B-Protocol
Association	O
:	O
PayPal	O
left	O
on	O
4	O
October	O
,	O
eBay	B-Application
,	O
Mastercard	O
,	O
Stripe	B-Application
,	O
Visa	O
and	O
Mercado	O
Pago	O
followed	O
on	O
11	O
October	O
,	O
and	O
Booking	O
Holdings	O
on	O
14	O
October	O
.	O
</s>
<s>
According	O
to	O
a	O
November	O
2020	O
report	O
in	O
the	O
Financial	O
Times	O
,	O
Libra	B-Protocol
will	O
be	O
launching	O
a	O
slimmed	O
down	O
plan	O
that	O
includes	O
the	O
cryptocurrency	O
being	O
a	O
stablecoin	B-Protocol
backed	O
by	O
the	O
US	O
dollar	O
rather	O
than	O
a	O
multiple	O
currency	O
collection	O
.	O
</s>
<s>
The	O
newspaper	O
also	O
reported	O
that	O
the	O
cryptocurrency	O
will	O
now	O
be	O
called	O
Diem	B-Protocol
,	O
which	O
is	O
Latin	O
for	O
"	O
day	O
"	O
.	O
</s>
<s>
In	O
December	O
2020	O
,	O
Libra	B-Protocol
was	O
rebranded	O
as	O
Diem	B-Protocol
,	O
and	O
Libra	B-Protocol
Association	O
renamed	O
Diem	B-Protocol
Association	O
.	O
</s>
<s>
As	O
of	O
December	O
2020	O
,	O
Diem	B-Protocol
Association	O
has	O
27	O
members	O
.	O
</s>
<s>
In	O
January	O
2022	O
,	O
it	O
was	O
reported	O
that	O
the	O
Diem	B-Protocol
Association	O
was	O
winding	O
down	O
,	O
with	O
Diem	B-Protocol
’s	O
assets	O
being	O
sold	O
to	O
the	O
California	O
based	O
Silvergate	O
Capital	O
for	O
a	O
reported	O
$200	O
million	O
.	O
</s>
<s>
Facebook	B-Application
was	O
also	O
reported	O
to	O
have	O
planned	O
to	O
launch	O
the	O
token	O
in	O
the	O
U.S.	O
with	O
it	O
being	O
issued	O
by	O
Silvergate	O
although	O
the	O
Federal	O
Reserve	O
and	O
the	O
United	O
States	O
Department	O
of	O
the	O
Treasury	O
were	O
not	O
supportive	O
of	O
the	O
project	O
.	O
</s>
<s>
The	O
plan	O
for	O
the	O
Libra	B-Protocol
token	O
was	O
to	O
be	O
backed	O
by	O
financial	O
assets	O
such	O
as	O
a	O
basket	O
of	O
currencies	O
,	O
and	O
US	O
Treasury	O
securities	O
in	O
an	O
attempt	O
to	O
avoid	O
volatility	O
.	O
</s>
<s>
Facebook	B-Application
has	O
announced	O
that	O
each	O
of	O
the	O
partners	O
will	O
inject	O
an	O
initial	O
10	O
million	O
,	O
so	O
Libra	B-Protocol
has	O
full	O
asset	O
backing	O
on	O
the	O
day	O
it	O
opens	O
.	O
</s>
<s>
As	O
of	O
January	O
2020	O
,	O
Libra	B-Protocol
is	O
said	O
to	O
have	O
dropped	O
the	O
idea	O
of	O
a	O
mixed	O
currency	O
basket	O
in	O
favor	O
of	O
individual	O
stablecoins	B-Protocol
pegged	O
to	O
individual	O
currencies	O
.	O
</s>
<s>
Libra	B-Protocol
service	O
partners	O
,	O
within	O
the	O
Libra	B-Protocol
Association	O
,	O
will	O
create	O
new	O
Libra	B-Protocol
currency	O
units	O
based	O
on	O
demand	O
.	O
</s>
<s>
Libra	B-Protocol
currency	O
units	O
will	O
be	O
retired	O
as	O
they	O
are	O
redeemed	O
for	O
conventional	O
currency	O
.	O
</s>
<s>
Initial	O
reconciliation	O
of	O
transactions	O
will	O
be	O
performed	O
at	O
each	O
service	O
partner	O
,	O
and	O
the	O
blockchain	B-Application
's	O
distributed	O
ledger	O
will	O
be	O
used	O
for	O
reconciliation	O
between	O
service	O
partners	O
.	O
</s>
<s>
The	O
intent	O
is	O
to	O
help	O
prevent	O
everyone	O
but	O
members	O
of	O
the	O
Libra	B-Protocol
Association	O
from	O
trying	O
to	O
extract	O
and	O
analyze	O
data	O
from	O
the	O
distributed	O
ledger	O
.	O
</s>
<s>
In	O
contrast	O
to	O
cryptocurrencies	O
such	O
as	O
bitcoin	B-Protocol
which	O
use	O
permissionless	O
blockchains	B-Application
,	O
Libra	B-Protocol
is	O
not	O
decentralized	O
,	O
relying	O
on	O
trust	O
in	O
the	O
Libra	B-Protocol
Association	O
as	O
"	O
a	O
de	O
facto	O
central	O
bank	O
"	O
.	O
</s>
<s>
In	O
September	O
2019	O
,	O
Facebook	B-Application
announced	O
that	O
the	O
reserve	O
basket	O
would	O
be	O
made	O
up	O
of	O
:	O
50%	O
United	O
States	O
dollar	O
,	O
18%	O
Euro	O
,	O
14%	O
Japanese	O
yen	O
,	O
11%	O
Pound	O
sterling	O
and	O
7%	O
Singapore	O
dollar	O
.	O
</s>
<s>
Libra	B-Protocol
has	O
considered	O
using	O
coins	O
based	O
on	O
individual	O
national	O
currencies	O
on	O
the	O
network	O
,	O
alongside	O
the	O
basket-based	O
Libra	B-Protocol
token	O
.	O
</s>
<s>
On	O
April	O
16	O
,	O
2020	O
,	O
Libra	B-Protocol
announced	O
plans	O
to	O
create	O
an	O
infrastructure	O
for	O
multiple	O
cryptocurrencies	O
,	O
the	O
preponderance	O
of	O
which	O
will	O
be	O
backed	O
by	O
individual	O
fiat	O
currencies	O
,	O
and	O
said	O
the	O
association	O
was	O
in	O
talks	O
with	O
regulators	O
from	O
Switzerland	O
for	O
a	O
payments	O
license	O
.	O
</s>
<s>
In	O
May	O
2021	O
,	O
Diem	B-Protocol
announced	O
that	O
it	O
had	O
withdrawn	O
its	O
application	O
to	O
the	O
Swiss	O
Financial	O
Market	O
Supervisory	O
Authority	O
and	O
said	O
that	O
it	O
would	O
instead	O
seek	O
approval	O
with	O
the	O
US	O
treasury	O
to	O
register	O
as	O
a	O
money	O
services	O
business	O
.	O
</s>
<s>
Facebook	B-Application
established	O
the	O
Libra	B-Protocol
Association	O
(	O
later	O
renamed	O
to	O
Diem	B-Protocol
Association	O
)	O
to	O
oversee	O
the	O
currency	O
,	O
founded	O
in	O
Geneva	O
,	O
Switzerland	O
.	O
</s>
<s>
As	O
of	O
December	O
2020	O
,	O
Diem	B-Protocol
Association	O
includes	O
:	O
</s>
<s>
Seven	O
other	O
companies	O
had	O
been	O
named	O
as	O
Libra	B-Protocol
Association	O
members	O
in	O
the	O
initial	O
June	O
2019	O
announcement	O
,	O
but	O
left	O
before	O
the	O
first	O
Libra	B-Protocol
meeting	O
on	O
14	O
October	O
2019	O
:	O
Booking	O
Holdings	O
,	O
eBay	B-Application
,	O
Mastercard	O
,	O
Mercado	O
Pago	O
,	O
PayPal	O
,	O
Stripe	B-Application
and	O
Visa	O
Inc	O
.	O
Visa	O
chairman	O
and	O
CEO	O
Alfred	O
F	O
.	O
Kelly	O
clarified	O
in	O
July	O
that	O
Visa	O
had	O
not	O
joined	O
,	O
but	O
had	O
signed	O
a	O
nonbinding	O
letter	O
of	O
intent	O
;	O
and	O
that	O
"	O
no	O
one	O
has	O
yet	O
officially	O
joined.	O
"	O
</s>
<s>
Press	O
coverage	O
around	O
the	O
initial	O
Libra	B-Protocol
announcement	O
noted	O
the	O
absence	O
of	O
Apple	B-Application
Pay	I-Application
,	O
Google	B-Application
Pay	I-Application
,	O
Amazon	B-Application
and	O
of	O
any	O
banks	O
.	O
</s>
<s>
Libra	B-Protocol
Association	O
was	O
renamed	O
to	O
Diem	B-Protocol
Association	O
on	O
December	O
1	O
,	O
2020	O
,	O
as	O
part	O
of	O
the	O
rebranding	O
from	O
Libra	B-Protocol
to	O
Diem	B-Protocol
.	O
</s>
<s>
The	O
use	O
of	O
a	O
cryptocurrency	O
and	O
blockchain	B-Application
for	O
the	O
implementation	O
has	O
been	O
questioned	O
.	O
</s>
<s>
The	O
first	O
regulator	O
response	O
to	O
Libra	B-Protocol
came	O
within	O
minutes	O
of	O
the	O
launch	O
announcement	O
,	O
from	O
French	O
Finance	O
Minister	O
,	O
Bruno	O
Le	O
Maire	O
,	O
who	O
was	O
being	O
interviewed	O
on	O
French	O
radio	O
station	O
Europe	O
1	O
.	O
</s>
<s>
He	O
said	O
that	O
Libra	B-Protocol
could	O
not	O
be	O
allowed	O
to	O
become	O
a	O
sovereign	O
currency	O
,	O
and	O
would	O
require	O
strong	O
consumer	O
protections	O
.	O
</s>
<s>
Le	O
Maire	O
then	O
warned	O
the	O
French	O
Parliament	O
of	O
his	O
concerns	O
about	O
Libra	B-Protocol
and	O
privacy	O
,	O
money	O
laundering	O
and	O
terrorism	O
finance	O
.	O
</s>
<s>
He	O
called	O
on	O
the	O
central	O
bank	O
governors	O
of	O
the	O
Group	O
of	O
Seven	O
to	O
prepare	O
a	O
report	O
on	O
Facebook	B-Application
's	O
plans	O
.	O
</s>
<s>
German	O
MEP	O
Markus	O
Ferber	O
warned	O
that	O
Facebook	B-Application
could	O
become	O
a	O
shadow	O
bank	O
.	O
</s>
<s>
His	O
colleague	O
MEP	O
Stefan	O
Berger	O
sees	O
Libra	B-Protocol
's	O
power	O
potential	O
as	O
a	O
threat	O
to	O
the	O
economic	O
stability	O
of	O
the	O
euro	O
zone	O
and	O
its	O
democracies	O
:	O
Libra	B-Protocol
could	O
make	O
Facebook	B-Application
its	O
central	O
bank	O
.	O
</s>
<s>
Berger	O
argues	O
in	O
favor	O
of	O
the	O
development	O
of	O
a	O
European	O
stablecoin	B-Protocol
in	O
order	O
to	O
be	O
able	O
to	O
offer	O
a	O
secure	O
alternative	O
to	O
the	B-Application
Facebook	I-Application
currency	O
.	O
</s>
<s>
On	O
September	O
13	O
,	O
2019	O
,	O
Le	O
Maire	O
stated	O
that	O
France	O
would	O
not	O
allow	O
development	O
of	O
Libra	B-Protocol
in	O
the	O
European	O
Union	O
,	O
as	O
would	O
be	O
a	O
threat	O
to	O
the	O
monetary	O
sovereignty	O
of	O
states	O
.	O
</s>
<s>
He	O
also	O
spoke	O
about	O
the	O
potential	O
for	O
abuse	O
of	O
marketing	O
dominance	O
and	O
systemic	O
financial	O
risks	O
as	O
reasons	O
for	O
not	O
allowing	O
stablecoins	B-Protocol
to	O
operate	O
yet	O
within	O
the	O
EU	O
.	O
</s>
<s>
According	O
to	O
a	O
Reuters	O
report	O
,	O
German	O
Finance	O
Minister	O
Olaf	O
Scholz	O
said	O
following	O
a	O
video	O
conference	O
of	O
G7	O
finance	O
ministers	O
that	O
Germany	O
and	O
Europe	O
cannot	O
accept	O
Diem	B-Protocol
currency	O
entry	O
into	O
the	O
market	O
while	O
the	O
regulatory	O
risks	O
are	O
not	O
adequately	O
addressed	O
.	O
</s>
<s>
Scholz	O
stated	O
that	O
he	O
does	O
not	O
support	O
private-sector	O
digital	O
currencies	O
,	O
and	O
his	O
remarks	O
could	O
be	O
detrimental	O
to	O
Diem	B-Protocol
and	O
JPMorgan	O
Coin	O
.	O
</s>
<s>
Valdis	O
Dombrovskis	O
,	O
Executive	O
Vice-President	O
of	O
the	O
European	O
Commission	O
for	O
An	O
Economy	O
that	O
Works	O
for	O
People	O
,	O
stated	O
at	O
the	O
Digital	O
Finance	O
Outreach	O
2020	O
Closing	O
Conference	O
that	O
the	O
European	O
Union	O
is	O
preparing	O
a	O
new	O
cryptocurrency	O
regime	O
that	O
may	O
include	O
stricter	O
requirements	O
for	O
"	O
global	O
stablecoin	B-Protocol
"	O
projects	O
like	O
Libra	B-Protocol
.	O
</s>
<s>
In	O
addition	O
,	O
Dombrovskis	O
stated	O
in	O
his	O
address	O
that	O
stablecoins	B-Protocol
that	O
function	O
on	O
a	O
global	O
scale	O
can	O
"	O
present	O
new	O
concerns	O
"	O
—	O
they	O
can	O
disturb	O
financial	O
and	O
monetary	O
stability	O
.	O
</s>
<s>
Maxine	O
Waters	O
,	O
Chairperson	O
of	O
the	O
United	O
States	O
House	O
Committee	O
on	O
Financial	O
Services	O
Committee	O
asked	O
Facebook	B-Application
to	O
halt	O
the	O
development	O
and	O
launch	O
of	O
Libra	B-Protocol
,	O
citing	O
a	O
list	O
of	O
recent	O
scandals	O
and	O
that	O
"	O
the	O
cryptocurrency	O
market	O
currently	O
lacks	O
a	O
clear	O
regulatory	O
framework	O
"	O
.	O
</s>
<s>
The	O
U.S.	O
House	O
Committee	O
on	O
Financial	O
Services	O
Democrats	O
sent	O
a	O
letter	O
to	O
Facebook	B-Application
asking	O
the	O
company	O
to	O
stop	O
development	O
of	O
Libra	B-Protocol
,	O
citing	O
concerns	O
of	O
privacy	O
,	O
national	O
security	O
,	O
trading	O
,	O
and	O
monetary	O
policy	O
.	O
</s>
<s>
Jerome	O
Powell	O
,	O
chairman	O
of	O
the	O
Federal	O
Reserve	O
,	O
testified	O
before	O
Congress	O
on	O
10	O
July	O
2019	O
that	O
the	O
Fed	O
had	O
"	O
serious	O
concerns	O
"	O
as	O
to	O
how	O
Libra	B-Protocol
would	O
deal	O
with	O
"	O
money	O
laundering	O
,	O
consumer	O
protection	O
and	O
financial	O
stability.	O
"	O
</s>
<s>
President	O
Donald	O
Trump	O
tweeted	B-Application
on	O
12	O
July	O
2019	O
that	O
"	O
If	O
Facebook	B-Application
and	O
other	O
companies	O
want	O
to	O
become	O
a	O
bank	O
,	O
they	O
must	O
seek	O
a	O
new	O
Banking	O
Charter	O
and	O
become	O
subject	O
to	O
all	O
Banking	O
Regulations.	O
"	O
</s>
<s>
US	O
regulators	O
contacted	O
Visa	O
,	O
PayPal	O
,	O
Mastercard	O
and	O
Stripe	B-Application
,	O
asking	O
for	O
a	O
complete	O
overview	O
of	O
how	O
Libra	B-Protocol
would	O
fit	O
into	O
their	O
anti-money-laundering	O
compliance	O
programs	O
.	O
</s>
<s>
Since	O
several	O
participants	O
left	O
the	O
project	O
in	O
late	O
2019	O
,	O
the	O
Libra	B-Protocol
Association	O
has	O
been	O
working	O
to	O
address	O
concerns	O
from	O
United	O
States	O
regulators	O
with	O
the	O
development	O
of	O
a	O
"	O
Libra	B-Protocol
2.0	O
"	O
blueprint	O
.	O
</s>
<s>
According	O
to	O
CNBC	O
,	O
in	O
2021	O
,	O
Diem	B-Protocol
reportedly	O
withdrawn	O
its	O
application	O
for	O
a	O
Swiss	O
payment	O
license	O
,	O
intending	O
to	O
instead	O
move	O
its	O
activities	O
to	O
the	O
United	O
States	O
.	O
</s>
<s>
Diem	B-Protocol
announced	O
that	O
it	O
would	O
relocate	O
its	O
operating	O
headquarters	O
from	O
Geneva	O
to	O
Washington	O
with	O
an	O
intend	O
to	O
establish	O
its	O
payment	O
system	O
from	O
the	O
United	O
States	O
.	O
</s>
<s>
David	O
Marcus	O
told	O
the	O
US	O
Senate	O
that	O
the	O
Swiss	O
Federal	O
Data	O
Protection	O
and	O
Information	O
Commissioner	O
would	O
oversee	O
privacy	O
for	O
Libra	B-Protocol
,	O
but	O
the	O
commissioner	O
said	O
that	O
it	O
had	O
not	O
heard	O
from	O
Facebook	B-Application
at	O
all	O
.	O
</s>
<s>
The	O
government	O
of	O
Japan	O
has	O
begun	O
the	O
process	O
of	O
investigating	O
Libra	B-Protocol
and	O
doing	O
an	O
analysis	O
on	O
the	O
effect	O
on	O
Japan	O
's	O
monetary	O
policy	O
and	O
financial	O
regulation	O
.	O
</s>
<s>
In	O
July	O
2019	O
,	O
Japanese	O
officials	O
formed	O
a	O
working	O
committee	O
,	O
consisting	O
of	O
the	O
Bank	O
of	O
Japan	O
,	O
the	O
Ministry	O
of	O
Finance	O
and	O
the	O
Financial	O
Services	O
Agency	O
,	O
to	O
coordinate	O
policies	O
to	O
address	O
Libra	B-Protocol
's	O
impact	O
on	O
regulation	O
,	O
monetary	O
policy	O
,	O
tax	O
,	O
and	O
payments	O
settlement	O
.	O
</s>
<s>
The	O
working	O
group	O
will	O
coordinate	O
measures	O
to	O
handle	O
Libra	B-Protocol
's	O
influence	O
on	O
regulation	O
,	O
monetary	O
policy	O
,	O
tax	O
,	O
and	O
payments	O
settlement	O
.	O
</s>
<s>
Data	O
protection	O
regulators	O
internationally	O
issued	O
a	O
statement	O
asking	O
Facebook	B-Application
to	O
protect	O
personal	O
data	O
of	O
users	O
,	O
and	O
to	O
detail	O
Libra	B-Protocol
's	O
planned	O
practices	O
for	O
handling	O
personal	O
data	O
,	O
in	O
the	O
light	O
of	O
"	O
previous	O
episodes	O
where	O
Facebook	B-Application
’s	O
handling	O
of	O
people	O
’s	O
information	O
has	O
not	O
met	O
the	O
expectations	O
of	O
regulators	O
,	O
or	O
their	O
own	O
users.	O
"	O
</s>
<s>
Finance	O
Watch	O
describes	O
Libra	B-Protocol
as	O
a	O
"	O
huge	O
risk	O
to	O
public	O
monetary	O
sovereignty	O
"	O
and	O
"	O
concludes	O
that	O
Libra	B-Protocol
is	O
a	O
bad	O
idea	O
–	O
for	O
its	O
users	O
,	O
for	O
the	O
stability	O
of	O
our	O
financial	O
system	O
,	O
and	O
last	O
but	O
not	O
least	O
for	O
our	O
democracy.	O
"	O
</s>
<s>
On	O
September	O
16	O
,	O
2019	O
,	O
officials	O
from	O
the	O
Libra	B-Protocol
consortium	O
,	O
including	O
J.P.	O
Morgan	O
and	O
Facebook	B-Application
,	O
met	O
with	O
officials	O
from	O
26	O
central	O
banks	O
,	O
including	O
the	O
Federal	O
Reserve	O
and	O
Bank	O
of	O
England	O
,	O
in	O
Basel	O
,	O
Switzerland	O
and	O
the	O
meeting	O
was	O
chaired	O
by	O
European	O
Central	O
Bank	O
board	O
member	O
Benoît	O
Cœuré	O
,	O
a	O
vocal	O
Libra	B-Protocol
critic	O
.	O
</s>
<s>
Industry	O
observers	O
have	O
speculated	O
whether	O
Libra	B-Protocol
will	O
provide	O
meaningful	O
privacy	O
to	O
its	O
users	O
.	O
</s>
<s>
Facebook	B-Application
's	O
plan	O
is	O
to	O
let	O
its	O
subsidiary	O
Novi	O
Financial	O
manage	O
Libra	B-Protocol
for	O
Facebook	B-Application
users	I-Application
,	O
and	O
Facebook	B-Application
executives	O
have	O
stated	O
that	O
Novi	O
will	O
not	O
share	O
account	O
holder	O
's	O
purchase	O
information	O
with	O
Facebook	B-Application
without	O
authorization	O
.	O
</s>
<s>
However	O
,	O
the	O
system	O
is	O
also	O
planned	O
to	O
include	O
a	O
friend-finder	O
search	O
function	O
,	O
and	O
the	O
use	O
of	O
this	O
function	O
will	O
constitute	O
permission	O
for	O
Novi	O
to	O
combine	O
the	O
account	O
holder	O
's	O
transaction	O
history	O
with	O
their	O
Facebook	B-Application
account	O
.	O
</s>
<s>
In	O
August	O
2019	O
,	O
according	O
to	O
CNBC	O
,	O
top	O
data	O
protection	O
officials	O
including	O
Democratic	O
FTC	O
commissioner	O
Rohit	O
Chopra	O
,	O
U.K.	O
Information	O
Commissioner	O
Elizabeth	O
Denham	O
,	O
EU	O
Data	O
Protection	O
Supervisor	O
Giovanni	O
Buttarelli	O
,	O
and	O
other	O
top	O
regulators	O
from	O
Australia	O
,	O
Canada	O
,	O
Albania	O
,	O
and	O
Burkina	O
Faso	O
in	O
a	O
joint	O
statement	O
expressed	O
doubts	O
over	O
Facebook	B-Application
's	O
proposed	O
digital	O
currency	O
project	O
Libra	B-Protocol
(	O
Diem	B-Protocol
)	O
.	O
</s>
<s>
According	O
to	O
CNBC	O
,	O
Facebook	B-Application
has	O
confirmed	O
that	O
governments	O
and	O
regulators	O
throughout	O
the	O
world	O
are	O
scrutinizing	O
Libra	B-Protocol
.	O
</s>
<s>
In	O
general	O
,	O
consumer	O
advocates	O
and	O
public	O
interest	O
groups	O
have	O
opposed	O
Diem	B-Protocol
on	O
privacy	O
grounds	O
and	O
rejected	O
the	O
tethering	O
of	O
financial	O
services	O
to	O
mass	O
surveillance	O
.	O
</s>
<s>
Scholars	O
have	O
highlighted	O
several	O
antitrust	O
risks	O
associated	O
with	O
Diem	B-Protocol
,	O
namely	O
,	O
a	O
risk	O
of	O
collusion	O
between	O
association	O
members	O
,	O
a	O
risk	O
of	O
tying	O
between	O
Diem	B-Protocol
and	O
Novi	O
,	O
and	O
a	O
risk	O
of	O
exclusivity	O
agreements	O
if	O
Novi	O
is	O
required	O
to	O
use	O
Diem	B-Protocol
within	O
Facebook	B-Application
environment	O
.	O
</s>
<s>
Facebook	B-Application
tries	O
to	O
police	O
inaccurate	O
information	O
and	O
fake	O
Libra	B-Protocol
websites	O
on	O
its	O
platform	O
.	O
</s>
<s>
According	O
to	O
The	O
Washington	O
Post	O
,	O
nearly	O
a	O
dozen	O
fake	O
accounts	O
,	O
pages	O
,	O
and	O
groups	O
on	O
Facebook	B-Application
and	O
Instagram	O
advertised	O
themselves	O
as	O
legitimate	O
centres	O
for	O
the	O
Libra	B-Protocol
digital	O
currency	O
,	O
in	O
some	O
cases	O
trying	O
to	O
sell	O
discounted	O
Libra	B-Protocol
which	O
was	O
not	O
yet	O
accessible	O
.	O
</s>
<s>
Numerous	O
of	O
the	O
counterfeits	O
used	O
the	B-Application
Facebook	I-Application
logo	O
,	O
images	O
of	O
Facebook	B-Application
CEO	O
Mark	O
Zuckerberg	O
,	O
and	O
Libra	B-Protocol
's	O
official	O
marketing	O
material	O
.	O
</s>
<s>
The	O
growth	O
of	O
fake	O
pages	O
and	O
groups	O
devoted	O
to	O
Libra	B-Protocol
added	O
to	O
Facebook	B-Application
's	O
difficulties	O
with	O
global	O
authorities	O
.	O
</s>
<s>
Diem	B-Protocol
Association	O
(	O
formerly	O
Libra	B-Protocol
Association	O
)	O
faces	O
legal	O
challenges	O
as	O
both	O
the	O
name	O
and	O
the	O
logo	O
of	O
the	O
digital	O
currency	O
are	O
already	O
in	O
use	O
within	O
different	O
territories	O
.	O
</s>
<s>
Finco	O
Services	O
Inc	O
has	O
filed	O
a	O
lawsuit	O
with	O
New	O
York	O
Southern	O
District	O
Court	O
against	O
Facebook	B-Application
,	O
Inc.	O
,	O
Novi	O
Financial	O
,	O
Inc.	O
,	O
Jlv	O
,	O
LLC	O
and	O
Character	O
SF	O
,	O
LLC	O
for	O
an	O
alleged	O
trademark	O
infringement	O
arising	O
out	O
of	O
the	O
use	O
by	O
the	O
latter	O
of	O
a	O
logo	O
similar	O
to	O
the	O
start-up	O
bank	O
operated	O
by	O
Finco	O
Services	O
,	O
Inc	O
.	O
</s>
<s>
In	O
Europe	O
,	O
Libra	B-Protocol
Association	O
has	O
filed	O
an	O
application	O
with	O
the	O
European	O
Union	O
Intellectual	O
Property	O
Office	O
for	O
the	O
registration	O
of	O
the	O
word	O
“	O
LIBRA	B-Protocol
”	O
as	O
a	O
verbal	O
trademark	O
.	O
</s>
<s>
The	O
opposing	O
companies	O
are	O
Lyra	O
Network	O
,	O
Libra	B-Protocol
Internet	O
Bank	O
,	O
Libri	O
GmbH	O
and	O
Advanced	O
New	O
Technologies	O
Co.	O
,	O
Ltd	O
.	O
</s>
<s>
Diem	B-Protocol
will	O
not	O
rely	O
on	O
cryptocurrency	O
mining	O
.	O
</s>
<s>
Only	O
members	O
of	O
Diem	B-Protocol
Association	O
will	O
be	O
able	O
to	O
process	O
transactions	O
via	O
the	O
permissioned	O
blockchain	B-Application
.	O
</s>
<s>
Diem	B-Protocol
hopes	O
to	O
begin	O
transitioning	O
to	O
a	O
permissionless	O
proof-of-stake	B-Protocol
system	O
within	O
five	O
years	O
;	O
although	O
their	O
own	O
materials	O
admit	O
that	O
no	O
solution	O
exists	O
"	O
that	O
can	O
deliver	O
the	O
scale	O
,	O
stability	O
,	O
and	O
security	O
needed	O
to	O
support	O
billions	O
of	O
people	O
and	O
transactions	O
across	O
the	O
globe	O
through	O
a	O
permissionless	O
network.	O
"	O
</s>
<s>
Diem	B-Protocol
source	O
code	O
is	O
written	O
in	O
Rust	B-Application
and	O
published	O
as	O
open	B-License
source	I-License
under	O
the	O
Apache	B-Application
License	I-Application
on	O
GitHub	B-Application
.	O
</s>
<s>
In	O
June	O
2019	O
,	O
Elaine	O
Ou	O
,	O
an	O
opinion	O
writer	O
at	O
Bloomberg	O
News	O
,	O
tried	O
compiling	B-Language
and	O
running	O
the	O
publicly	O
released	O
code	O
for	O
Libra	B-Protocol
.	O
</s>
<s>
At	O
the	O
time	O
,	O
the	O
software	O
did	O
little	O
more	O
than	O
allow	O
fake	O
coins	O
to	O
be	O
put	O
in	O
a	O
wallet	B-Protocol
;	O
almost	O
none	O
of	O
the	O
functionality	O
outlined	O
in	O
the	O
white	O
paper	O
was	O
implemented	O
,	O
including	O
"	O
major	O
architectural	O
features	O
that	O
have	O
yet	O
to	O
be	O
invented.	O
"	O
</s>
<s>
Ou	O
was	O
surprised	O
that	O
Facebook	B-Application
"	O
would	O
release	O
software	O
in	O
such	O
a	O
state	O
"	O
.	O
</s>
<s>
In	O
June	O
2019	O
,	O
Facebook	B-Application
announced	O
plans	O
to	O
release	O
a	O
digital	O
wallet	B-Protocol
called	O
Calibra	O
in	O
2020	O
,	O
as	O
a	O
standalone	O
app	O
and	O
also	O
to	O
integrate	O
it	O
within	O
Messenger	B-Protocol
and	O
WhatsApp	B-Application
.	O
</s>
<s>
As	O
of	O
February	O
2021	O
,	O
Novi	O
and	O
Diem	B-Protocol
were	O
not	O
released	O
yet	O
and	O
do	O
not	O
have	O
a	O
set	O
release	O
date	O
.	O
</s>
<s>
Move	O
is	O
the	O
Diem	B-Protocol
blockchain	B-Application
's	O
proposed	O
smart	B-Application
contract	I-Application
and	O
custom	O
transactions	O
language	O
.	O
</s>
<s>
It	O
is	O
planned	O
to	O
be	O
a	O
statically-typed	O
programming	O
language	O
,	O
compiled	B-Language
to	O
bytecode	O
.	O
</s>
<s>
An	O
example	O
Intermediate	B-Application
representation	I-Application
of	O
the	O
language	O
is	O
shown	O
in	O
the	O
Move	O
white	O
paper	O
:	O
</s>
