Facebook cryptocurrency will be tested this year


Facebook cryptocurrency will be tested this year

Informed sources report that the Facebook stable coin diem (Diem) project will be launched during a pilot project this year. The project will be small-scale and will use US dollars to support DIM.

According to the Cointelegraph, an anonymous source has stated that the cryptocurrency Diem project, backed by Facebook, is likely to begin trial use of its first stable coin on a small scale this year.

The Diem Association, a non-profit organization based in Switzerland, is still trying to establish a stable dollar coin in 2021, CNBC quoted an unnamed source as saying in a report on April 20. To test.

In November last year, the Diem Association announced plans to launch a limited dollar-based stable coin in January 2021, but months later the stable coin has not yet been launched.

stable coin Diem is a scaled-down version of Facebook’s initial project for a global cryptocurrency on its own platform called Libra, which was supposed to be a portfolio of several Fiat currencies.

Experts point to fundamental changes in the ongoing Diem project in response to the strong response from global regulators and governments.

Ran Goldi, CEO of First Digital Assets Group, told CNN:

Diem infrastructure technology has evolved dramatically from a clumsy blockchain to a highly advanced blockchain over the past year and a half; As far as you can see, it tries to answer some of the questions of regulators.

First Digital Estes Group is building the infrastructure for retailers to facilitate the use of Diem as a payment tool.

Diem, meanwhile, is still awaiting approval and payment authorization from the Swiss Financial Market Supervisory Organization. Experts interviewed by Cnbc expressed optimism. Michael Gronager, CEO of Chainalysis, said:

I think [Diem] is going through [regulatory] gates this year. Otherwise, the opportunity is lost.

Facebook cryptocurrency will be tested this year

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