DIEM: THE FACEBOOK CRYPTOCURRENCY WILL BE LAUNCHED IN 2021

The Silicon Valley giant is a professional in the social networking of billions of users across the world. Facebook already owns a digital currency project known as Credits to make smooth payments for Facebook games.

It has its sincere interest in the market of cryptocurrency when the CEO, Mark Zuckerberg, mentioned that users will transfer money just like they send their photos to the party. The revised digital currency project, Diem, is specially designed for users to transfer money at a cheaper fee easily which provides an opportunity to attract more potential users to the social networking site. There is also a new subsidiary of Facebook that is a digital wallet, Novi, providing affordable access to certain financial services. Facebook will be one of the 26 investors with the same roles and responsibilities as the other investors such as Shopify, Spotify, Uber, Lyft, and so on.

Diem Association has a plan to launch two sets of the cryptocurrency coin – stablecoin with specific face value on Dollar or Euro and a multi-currency coin with multiple local stable coins for international payments. The Diem cryptocurrency will be backed by cash, cash equivalents, and government securities. This digital currency project is the only one having a wide user base in billions across the world with the presence of strong companies and other potential hi-tech companies.

Are you ready to trust this Facebook cryptocurrency after its launch in 2021? If this digital currency project is successful then Facebook and Diem will reshape the eCommerce transaction process into the lives of many people who are still in doubt about cryptocurrency. It is indeed an interesting issue to follow up on whether Diem will able to attract more regulators and investors to have a successful launch in 2021.

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Charles Wade

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