Libra Association Taps Saumya Bhavsar as General Counsel for Payments Subsidiary

The Libra Association has made a key hire in its pursuit of a new cryptocurrency and payments system. The Libra Association, which manages Facebook’s quiet cryptocurrency project, has appointed a general counsel to oversee the development of its forthcoming payment system. In an official press release, the Libra Association Wednesday introduced Saumya Bhavsar as the new general counsel of Libra Networks, the entity charged with operating the blockchain-based payment system. Bhavsar comes with two decades of experience in the financial services industry serving in various legal, regulatory....

The project is hoping that a new name will help people forget the mass regulatory panic that drowned out Libra's initial announcement. Per a Tuesday press release, the Libra Association is changing its name to the Diem Association.The shift is likely in the hopes of turning the page on Libra's PR. Facebook initially announced its planned global stablecoin Libra in June of last year to immediate regulatory uproar that has swamped the project since. Facebook's involvement has proved especially controversial.The new name uses the Latin for day, as in "carpe diem." The Association's press....

Libra will initially be pegged to just one fiat currency. The long-awaited digital currency Libra could finally see the light of day as soon as January 2021, according to a new report.Following more than a year of scrutiny from global financial regulators, Libra will launch in the form of a U.S. dollar-backed digital currency, the Financial Times reported on Nov. 27.Citing three people involved in the Libra project, the Financial Times wrote that the Libra Association plans will eventually add more fiat currencies to the basket of assets that back Libra’s value.Expected in January, the....

The Libra Association is rebranding itself as Diem to distance itself from the original multi-currency stablecoin vision as it prepares for a possible 2021 launch.

New forensic reports and leaked court documents show years of dollar payments from crypto Libra (LIBRA) lobbyist Mauricio Novelli to Javier Milei and his inner circle, well before the memecoin collapsed. Related Reading: Crypto Isn’t A Cult: Why Vanity Fair’s ‘True Believers’ Piece Misses The Point Dollar Payments For A Crypto Scandal Thirteen months after […]