{"id":42390,"date":"2021-05-13T09:56:21","date_gmt":"2021-05-13T06:56:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42390"},"modified":"2025-08-30T23:00:36","modified_gmt":"2025-08-30T20:00:36","slug":"diem-withdraws-swiss-license-application","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/diem-withdraws-swiss-license-application\/","title":{"rendered":"Diem withdraws Swiss license application"},"content":{"rendered":"<p>The Diem project, behind the development of the digital currency, has withdrawn its application to obtain a license to operate as a payment system in Switzerland. <a href=\\\"https:\/\/www.finma.ch\/en\/news\/2021\/05\/20210512-mm-diem\/\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">said<\/a> FINMA, the local Financial Market Supervisory Authority, reported this.<\/p>\n<p>The Swiss regulator explained the withdrawal on the grounds that Diem plans to launch a payment system from the United States at the outset, as the project is initially aimed at the American market and is dollar-denominated.<\/p>\n<p>Diem planned to issue a stablecoin as soon as it received FINMA&#8217;s approval, and in April media reported that a pilot project with a US-dollar-backed digital currency,<a href=\"https:\/\/forklog.com\/en\/news\/media-diem-to-launch-pilot-stablecoin-by-year-end\"> will be launched in 2021<\/a>.<\/p>\n<p>The Facebook-backed Diem project, <a href=\"https:\/\/forklog.com\/en\/news\/libra-association-renamed-to-diem-association\">previously known as Libra<\/a>. After the rebranding, Facebook <a href=\"https:\/\/forklog.com\/en\/news\/facebook-threatened-with-lawsuit-over-libra-rebrand\">threatened with a lawsuit<\/a>, and German Finance Minister Olaf Scholz <a href=\"https:\/\/forklog.com\/en\/news\/germanys-finance-minister-brands-libras-renaming-a-wolf-in-sheeps-clothing\">stated<\/a>, that something more than a mere rebranding of the digital currency would be required to soothe regulators&#8217; concerns about its launch in the EU.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Diem project, behind the development of the digital currency, has withdrawn its application for a Swiss payment-system license. FINMA said.<\/p>\n","protected":false},"author":1,"featured_media":42391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2049,922,36],"class_list":["post-42390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-diem-association","tag-finma","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=42390"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42390\/revisions"}],"predecessor-version":[{"id":42392,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42390\/revisions\/42392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/42391"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=42390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=42390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=42390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}