DIEM THE FACEBOOK DIGITAL CURRENCY CRYPTOCURRENCY WILL BE LAUNCHED IN 2021!! FACEBOOK DIEM CRYPTO

DIEM THE FACEBOOK CRYPTOCURRENCY WILL BE LAUNCHED IN 2021

The Diem Association is the digital currency project group of Facebook, which aims to launch the Diem as the single U.S. dollar stable coin with 26 corporate firms and non-profit organizations. One of the firms is a minority investor known as Novi, the digital wallet of Facebook. The primary payment system license was applied with the Swiss financial regulator but it recently relocated to the United States regulator. The Diem Association will introduce a sophisticated blockchain digital payment system that will permit real-time eCommerce transactions with Diem stable coins. The whole eCommerce transaction will be registered as a money-serving business in the books of the U.S. Department of the Treasury’s Financial Crimes Enforcement Network. The single U.S. dollar-backed Diem will be issued and managed by the Silvergate Bank in California.

The whole world still has a fresh memory of the Facebook-Cambridge Analytica controversy, which was the primary reason for harsh scrutiny for the Diem Association in 2019. The involvement of Facebook in the digital currency project may hamper the protection of active user’s privacy that can lead to severe money laundering and cyberattacks. Diem recently lost hi-tech investors like Visa, Stripe, Mastercard, PayPal, Vodafone, e-Bay, and many more from its initial unveiling. Thus, Diem has faced a drastic change in technology from a basic blockchain to the most updated and protected one to serve the user privacy policy effectively. The initial start is in 2021 to attract merchants and lucrative partnerships with a limited pilot efficiently.

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