Thread by @BiIndia

#Facebook to start pilot runs for its digital currency ‘#Diem’ this year, says report

businessinsider.in/tech/news/face…

By @Jeegabyte

@Jeegabyte #Facebook might flag off a trial of its currently halted digital currency project by the end of this year, as per CNBC.

The currency, formerly known as Libra, was renamed #Diem in December 2020, after receiving backlash from regulators and the general public.

@Jeegabyte CNBC reported, quoting a source it did not name, that Diem Association, the Switzerland-based body that oversees #Diem's development is planning to launch a pilot with a single stablecoin pegged to the USD in 2021.

#Facebook

@Jeegabyte #Diem is an independent group organised by #Facebook, with other association members including Andreessen Horowitz, Coinbase, Spotify, Lyft and Uber.

@Jeegabyte The person, quoted by CNBC, also says this pilot will be rolled out on a small scale focusing on transactions between individual consumers. There could be an option to let users buy goods. However, the details about the launch date are still scarce.

#Facebook #Diem

From Libra to Diem: What exactly happened?

🪙 The social media giant first announced the plans about its digital currency in June 2019 but was served with immediate outrage from people & governments concerned about the company's monopoly in the world's largest currencies.

#Diem

🪙 #Facebook's initial plan with Libra was to build a global financial system that could be used by anyone from any corner of the world, but things weren't as easy as they sounded.

#Diem

🪙#Facebook initially planned to launch it in 2020, which didn't take off after bad publicity.

🪙It drew massive backlash from policymakers, regulators and common people concerning the possible disruption of the financial system, potential money laundering risk and devaluation.

🪙 The group working on the currency project lost major partners like Visa and Mastercard due to opposition from regulators. It eventually narrowed down the plan to opt for multiple "stablecoins".

#Facebook #Diem

But it seems like the company is now preparing to set its foot with utmost caution this time, with the new name.

#Facebook #Diem