Facebook’s Diem project can be a white label CBDC provider

The stablecoin project can provide a layer of infrastructure provided by the public sector through the CBDC. report said.

The white paper made it clear that they are “open to discussions with any central bank that wants to include their currency as a stablecoin in Dasm’s network”.

This can provide more functionality and functionality in the payments sector, thereby driving individuals and businesses to adopt more CBDCs.

Diem will not be alone in finding acceptance as part of the CBDC ecosystem. Ripple published a new white paper in March introducing XRP as a “bridge” between different currencies to improve cross-border payments.

The Diem project has undergone intense scrutiny since it was announced by Facebook under the name Libra in 2019. His name was changed to Diem last year to separate Facebook from the association on the list.

Government backlash has led some of the project’s founding partners to withdraw, including PayPal, Visa, Mastercard, Stripe and Vodafone.

Central banks’ interest in adopting digital currencies has been suggested in part by concerns about the threat to the financial system from a stablecoin backed by a stablecoin powered by Facebook.

White Label – a product or service made by one company that other companies rename to make the product look like they made it themselves.

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