Amid all the news around cryptocurrency world over that has of late drew huge interest from the Indian community as well, this news from the social media giant may be of interest to you. The Silicon Valley messenger company Facebook has announced its plans to come up with its foremost digital currency Diem in 2021. Earlier in the year 2019, the digital currency project by Facebook was referred as Libra but only recently the name has been changed to Diem- which is a Latin word implying 'a day' with fresh changes.
The Facebook's cryptocurrency shall primarily be launched with the objective of revolutionizing the fintech space.
The US giant shall launch the cryptocurrency in collaboration with the Diem Association that is the Facebook's digital currency project group. The Diem shall likely come across as the single US dollar stablecoin and include as many as 26 corporate entities' and non-profit set-ups. Among the several entities, Novi, Facebook's digital wallet is the minority stakeholder.
Reportedly, the Diem Association shall come up with an advanced blockchain digital payment solution, enabling real-time e-commerce transactions using Diem stablecoins.
Notably, the whole of the e-commerce transaction business shall be put up as a money-serving commerce in the records of the Financial Crimes Enforcement Network of the US treasury department. Furthermore, the US-dollar denominated Diem shall be issued as well as administered by the California-based Silvergate Bank.