Facebook hopes to launch Diem coin in 2021
Facebook hopes to launch Diem coin in 2021

Facebook said, “The regulator must make us confident of our ambitions, that is, we want to introduce a cryptocurrency called Diem through a digital wallet called Novi.

David Marcus, Facebook's CFO, hopes to launch cryptocurrencies and digital wallets next year.

When asked about significant changes to financial services in the coming year, Marcus hopes to secure regulatory approval to launch Diem and Novi in ​​2021.

Since its announcement last year, this Facebook-backed cryptocurrency has been subject to volatility as it has received major criticism from regulators after renaming the currency.

The cryptocurrency was originally called Libra and was managed by a non-profit association called The Libra Association.

Facebook is also planning to launch a digital wallet called Calibra that will allow users to send this cryptocurrency to one another.

The Libra coins are expected to be backed by a basket of currencies, but the regulators have raised many concerns such as: the impact of the scale on financial stability, issues related to privacy, and silver for money laundering.

The Libra Association downgraded its plan in April, saying the digital currency would be backed by only one country's currency rather than a basket of currencies.

Last week, the association changed its name to Diem Association, and Facebook changed the name of its Calibra digital wallet to Novi earlier this year.

The Financial Times reported last month that Deem was preparing to go live again in January.

The newspaper stated that Deem is currently awaiting approval from the Federal Financial Market Regulatory Authority.

Deem is described as a cryptocurrency except that it is not the same as Bitcoin as DEEM has a consortium behind it. Bitcoin lacks this union, and unlike Bitcoin, it is backed by fiat currencies.

The Facebook CEO asked regulators to give Diem Coins and Novi Wallet a chance. He said: We want to have confidence in ourselves.

He explained that Facebook was able to create a cryptocurrency in a closed manner that would only be available to WhatsApp and Messenger users, while building alliances with other companies.

The efforts to initiate Diem and Novi coincided with the central bank's research on their digital currency, and China also began real-world experiments with the digital renminbi.

Save 80.0% on select products from RUWQ with promo code 80YVSNZJ, through 10/29 while supplies last.

HP 2023 15'' HD IPS Laptop, Windows 11, Intel Pentium 4-Core Processor Up to 2.70GHz, 8GB RAM, 128GB SSD, HDMI, Super-Fast 6th Gen WiFi, Dale Red (Renewed)
Previous Post Next Post