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Virtual currency: Facebook's cryptocurrency, renamed "Diem" instead of Libra

22/04/2021
Source : ORISHAS FINANCE
Categories: Economy/Forex

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Renamed “Diem” instead of Libra in order to simplify the structure of the project, the latter should be a single stablecoin backed by the dollar (USD), and not several stablecoins as initially announced.

Facebook's Diem would be a dollar-backed stablecoin. While Deutsche Telekom has invested in the Celo platform, the main competitor of Facebook's Diem project, CNBC gave some details on the social network's project. Diem's pilot, which should be launched by the end of the year, should be done on a small scale at first. It would focus on individual transactions between consumers, with the possibility of buying and selling goods.

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