The digital currency planned by Facebook continues to suffer from initial difficulties. Now an anonymous source reveals that the project should start this year. However, to a much lesser extent than previously planned.
Facebook’s digital currency Diem is due to be released as a stablecoin later this year, albeit initially on a rather manageable scale. This was revealed to the broadcaster CNBC by an anonymous source. Most recently in November 2020, it was said that Facebook would issue the stablecoin, which is linked to the US dollar in a ratio of 1: 1, this January. But apparently, the Diem Foundation, which is behind this project, is still struggling with initial difficulties.
The individual referred to by CNBC’s report prefers to remain anonymous. So far, Facebook has not made the details of the launch of the digital currency public. It is said that this pilot project will be on the small side. In addition, it will largely focus on transactions between individual consumers. However, there is also a possibility to use Diem for purchases. However, there still does not appear to be a confirmed date for the launch.
Facebook originally wanted to name its digital currency project Libra. However, given the wide reach of Facebook with 2.8 billion monthly active users, central bankers and politicians had weighty objections. They feared that the currency could jeopardize the currency stability of the US dollar and Co. and possibly enable money laundering. Facebook was then forced to give the whole thing a different face and then founded the Diem Foundation. But that did not silence most of the critics.
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