How the Facebook digital currency dream has changed

November 10, 2021 2701 Views

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What happened to Facebook digital currency, The Diem?

Facebook showcased its Libra cryptocurrency in June 2019. The crypto landscape has changed immensely since its inception and unveiling. Specifically, a few stablecoins have become very popular.

How is Diem different from Bitcoin?
Some will debate that Bitcoin cryptocurrency is an open-source project controlled by many developers including some network participants. But others are adamant that, Facebooks “Diem is just a cryptocurrency or digital currency with the backing of a large corporation.”

The Facebook-backed Diem Association plans to launch a new stablecoin tied to the U.S. dollar in 2021. Formerly known as Libra, the digital currency project faced years of pushback from regulators, with key figures deeming the project a failure months after the first white paper launched.

So how is Diem getting its previous detractors on board? CNBC’s Joumanna Bercetche spoke to Diem’s chief economist Christian Catalini about what has changed, and what the new coin could mean for consumers.

*Diem has since withdrawn its license application in Switzerland shortly after publication.

The Facebook cryptocurrency project started out as Libra, rebranded as Diem, is now a lone entity association while keeping close relations to Facebook. Facebook executive David Marcus keeps both roles as, sitting on Diem’s board of directors and running Facebook Financial.
Facebook has started a long-awaited test of its digital currency wallet Novi in the United States. Still, it will use the Paxos Dollar stablecoin instead of its own cryptocurrency Diem…… read more

Is Facebook Diem decentralized?

Diem’s  Blockchain is decentralized and a  programmable database created to support a cryptocurrency with low volatility with the function to be an efficient way for billions of  people to use the cryptocurrency around the world.
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