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EN | Libra becomes Diem and is (almost) ready to launch - Interview with Julien Le Goc from the Diem Association

EN | Libra becomes Diem and is (almost) ready to launch - Interview with Julien Le Goc from the Diem Association

Bitcoin, Fiat & Rock'n'Roll vor 5 Jahren

Everything you need to know about the vision and mission of the new Diem project

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45:04

In this episode, Jonas and Alex talk to Julien Le Goc, Director of
Policy at the Diem Association, formerly known as Libra
Association. Julien openly talks about the reasons for rebranding
Libra to Diem and explains the new vision and mission of the
Association. The fact that Diem is more than just a new name has
not received a lot of attention in the media. Julien describes the
remaining hurdles that need to be taken before Diem can get live
and he gives an exclusive insight into where the project stands
today. Background: In June 2019, Libra entered the scene with a big
bang. The first white paper was a bombshell. Regulators and central
banks were forced to take action - and so they did. The first
responses were brutal: “Do we really want to give private interests
such power, given the consequences it would have on trade and
financial stability?” Bruno Le Maire, the French finance minister,
asked in a Financial Times op-ed. Most of these reactions were
driven by the fear that a consortium of private institutions could
endanger the monetary sovereignty of the state. Against this
background, Libra 1.0 was also a wake-up call for central banks
around the world. Many of them started working (or increased their
efforts) on issuing their own central bank digital currency (CBDC).
In April 2020, the Libra Association issued its second white paper.
Libra 2.0 was born. The Association tried hard to please
regulators, but it was difficult after it had taken so many hits
during the first 10 months of its existence. In December 2020, the
Libra Association finally tried to get rid of the burden of the
past. Diem was born. However, not only the name has changed. Diem
starts with an updated vision and mission. The new focus is on
enabling universal access to financial services and building a
trusted and innovative financial network that empowers people and
businesses around the world.