The social media site facebook has said it hoped its back cryptocurrency Diem launches in the coming year 2021. Mr Marcus who faced plenty criticism and also the head of the project said.
Facebook should be given the “benefit of the doubt” by regulators in its ambitions to launch the cryptocurrency it backs and its digital wallet, the head of the company’s financial services arm said on Monday.
David Marcus, the head of Facebook Financial, also known as F2, said he hopes both the cryptocurrency called Diem and the social networking firm’s wallet Novi will launch next year.
“I hope that we get to participate with … Novi and Diem and the big changes of 2021, pending regulatory approvals where we need to obtain them,”
The Diem Association is currently waiting for approval from the Swiss Financial Market Supervisory Authority as the organization is based in Switzerland, the FT reported.
What you should know.
Though Diem is described as a cryptocurrency, it is not like bitcoin which is perhaps the most well-known digital coin. It has a central organization behind it, something that bitcoin doesn’t. It is also backed by fiat currency, again a point of difference with bitcoin.
What you must know.
Diem used to be called Libra before a recent rebrand. It is run by a consortium called the Diem Association. The Facebook-backed cryptocurrency effort has faced huge criticism from global regulators.
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