Facebook manager says: we hope to launch Diem and his wallet in 2021
The social media giant has changed the name of its crypto project in the hope of obtaining the approval of the authorities.
According by Immediate Edge to a leading Facebook Financial executive, global regulators should give Diem, the social-backed crypto, at least „the benefit of the doubt“ to give the go-ahead for its launch in 2021.
Marcus said regulators should finally allow Facebook to proceed
David Marcus, head of Facebook Financial (F2), said both Diem and its wallet, Novi, could be launched next year. Speaking on 8 December as part of the Fintech Festival 2020 in Singapore, Marcus said regulators should finally allow Facebook to proceed with its cryptocurrency:
„We are not asking for immediate trust. I think […] what we are asking for is at least the benefit of the doubt. […] I think all those things we have done, which have created a lot of complications in the execution of this vision, are a good reason to give us the benefit of the doubt, about our intentions and what we are going to do with this project“.
Marcus said that Facebook is now awaiting regulatory approvals for the launch of the stablecoin and its portfolio.
Marcus‘ comments on Diem came shortly after the rebranding on 1 December 2020, when the Libra Association changed its name to Diem Association. According to some, this move would serve to distance itself from the negative reactions previously received by the project, when it was still known as Libra.
However, the rebrand does not seem to have impressed everyone. On 7 December, German Finance Minister Olaf Scholz criticized the Diem project, calling it a „wolf in sheep’s clothing“ and stressing that a change of name does not imply a change of economic fundamentals.
At the beginning of December Facebook was sued by a small European company, also called Diem.