{"id":121954,"date":"2021-04-20T11:42:26","date_gmt":"2021-04-20T11:42:26","guid":{"rendered":"https:\/\/precoinnews.com\/?p=121954"},"modified":"2021-04-20T11:42:26","modified_gmt":"2021-04-20T11:42:26","slug":"facebook-is-expected-to-pilot-launch-diem-in-2021","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/facebook-is-expected-to-pilot-launch-diem-in-2021\/","title":{"rendered":"Facebook Is Expected to Pilot Launch Diem In 2021"},"content":{"rendered":"<p><span>Facebook and its digital currency partners are expected to launch Diem, formerly known as Libra, for a small-scale pilot run later this year, according to a Tuesday\u2019s <em>CNBC<\/em> report.<\/span><\/p>\n<p><span>The anonymous source of the media house further detailed that the stablecoin will be launched in a limited form and will be pegged only to the US dollar. Though the Diem Association is yet to make any formal announcement, the pilot is expected to be small-scale, and the consortium will largely focus on transactions between individual customers.<\/span><\/p>\n<p><strong>Looking Forward to Meeting You at iFX EXPO Dubai May 2021 &#8211; Making It Happen!<\/strong><\/p>\n<p><span>This the not the first insider speculations on the launch of Diem as an earlier report anticipated the launch to be in January 2021.<\/span><\/p>\n<h2><span>A Repackaged Digital Currency<\/span><\/h2>\n<p><span>Facebook first unveiled its digital currency project in mid-2019 and formed a non-profit consortium with many high-profile names in technology and payments. Facebook has an existing user base of more than 2.8 billion across the globe and owns three top social media platforms: Facebook, Messenger, and Instagram.<\/span><\/p>\n<p><span>The move quickly alerted the global regulators for the threats on the existing monetary system from a private player. Many partners, including Visa, Mastercard, Paypal, Stripe, and few others, left the consortium to avoid negative relations with watchdogs.<\/span><\/p>\n<p><span>The regulatory backlash on Diem even forced the consortium to make changes in the originally proposed digital currency and also rebranded the project. It also made a few key hires to led the ambitious project.<\/span><\/p>\n<p><span>Diem officials earlier hinted that the project is moving forward at a fast pace despite the legal complications. \u201cA big step of our dialogue with regulators has been a phased approach to launch,\u201d Christian Catalini, Diem\u2019s chief economist, told <em>CNBC<\/em> earlier. \u201cWe are going to be phasing in different functionalities and use cases, applications in different areas.\u201d<\/span><\/p>\n<p><span>\u201cOnce we get the green light, we will start experimenting with a small number of users and a small number of players.\u201d<\/span><\/p>\n<p>Source: <a href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/news\/facebook-is-expected-to-pilot-launch-diem-in-2021\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Facebook and its digital currency partners are<\/p>\n","protected":false},"author":3,"featured_media":121953,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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