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October 2, 2022
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Diam is waiting for the approval of the authorities, David Marcus told

Recently, the topic of Facebook and its digital currency has reappeared in the media. The social media giant has changed the name of Libra to Diem and is reportedly getting ready to issue coin to the markets. David Marcus, head of Facebook Finance, spoke about the case yesterday.

Permission to issue Diem soon?

David Marcus, head of Facebook Financial, told the media that both the Diem digital currency and its related Novi wallet for digitized currencies could be launched next year. In time Singapore Fintech Festival 2020 on December 8, he said regulators should finally let Facebook move forward with its e-currency.

He referred to the long path that the project had traveled. And in fact, when Facebook announced in the summer of 2019 that it wanted to issue its digital currency, it probably did not expect such a hysterical reaction from the authorities of individual countries. The idea was criticized by the USA, the European Union and other individual states. Only Switzerland responded to the idea with sympathy, and Mark Zuckerberg’s company registered the Libra Association there, which is to stand on the project.

Now for Marcus’s comments about the expected launch stablecoin Diem appeared shortly after changing the name of the Libra Association to the Diem Association, which took place exactly on December 1, 2020. Facebook does not hide that it is about warming the image of Libra and cutting itself off from previous controversies.

Diem also has a different form in the new version. Is with stablecoin based only on the dollar and not on the basket of fiat currencies as originally planned.

The failure of rebranding?

Unfortunately, the rebranding did not impress everyone. Yesterday, December 7, German Finance Minister Olaf Scholz criticized the Diem project, calling it a “wolf in sheep’s clothing” and pointing out that renaming the stablecoin would not change its foundations. In other words, he still considers Diem a certain threat.

Facebook is now also taking a completely different side. It turned out that there is a startup called Diem in Europe, which now feels aggrieved by the fact that Facebook has somehow stolen its name.

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