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Facebook’s Marcus hopes Diem will launch next year

Facebook’s Marcus hopes Diem will launch next year

David Marcus, head of Facebook Financial, has said he hopes both the cryptocurrency known as Diem and the social media firm’s wallet Novi will launch in 2021.

Speaking at the Singapore FinTech Festival, Marcus said he hopes Facebook will be given the “benefit of the doubt” by regulators.

The Financial Times recently reported that Diem could go live in a limited capacity as early as January.

Diem is the new name of the project formerly known as Libra, a proposed stablecoin led by Facebook with the support of 26 other companies. The association announced its rebrand last week.

When first unveiled by Facebook in June 2019, Libra was met with a chorus of disapproval from regulators around the world.

The association has since made various tweaks to the vision it had initially outlined, and applied for a payment system licence from FINMA, the Swiss regulator, in April 2020.

On announcing the rebrand last week, Diem said that it would proceed “only upon receiving regulatory approval, including a payment systems license for the operational subsidiary of the Association from FINMA”.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Ryan Weeks