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October 3, 2022
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Bitcoin

Facebook has a problem with the new name of Libra –

Facebook’s plan to rename his project stablecoin from Libra to Diem faced legal objections from a small European start-up of the same name.

Diem is our name!

Facebook announced its Libra rebranding plan on December 1. On that day, the company claimed that the new name would help the revamped project distance itself from the controversy that was initially associated with it.

Only it turns out that the Diem project already exists. Its co-founder and at the same time an outstanding European investor from the market fintechChris Adelsbach told the media that he had received legal advice on how to protect his brand.

It wouldn’t take much effort for Facebook to find out if there is another Diem in the financial services market […] Of course, they took the view that “we can just crush them, we’re Facebook – explains.

In a statement, Diem’s ​​CEO Geri Cupi said his company was “Amazed”when she found out about the plans of the Libra Association to be renamed “Diem”.

As a small startup, we are afraid that customer confusion resulting from Libra’s activities will significantly affect our development – he told the media.

Its platform enables users to sell products instantly online and offers debit cards.

Other controversies in the market

Ripple recently faced a similar lawsuit from New Payments Platform Australia (NPPA), which alleged the company infringed intellectual property for Ripple’s use of the “PayID” brand to describe its payment standard. NPPA has been operating the “Pay ID” payment network in Australia since March 2017.

The case was resolved when Ripple registered a new trademark for “Paystring”.

It is said that Diem is expected to appear on the market at the beginning of 2021. The project still arouses emotions. During a conference of G7 ministers and central bankers, German Finance Minister Olaf Scholz described the project as “Wolf in sheep’s clothing”. He stressed that the German legislators “Will not accept its entry into the market” without Facebook showing that it has solved the regulatory problems that the government has pointed to it.

– We must do everything we can to make sure that the monetary monopoly remains in the hands of the states – he explained.

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