One coin to rule them all Facebook's Diem has global ambitions

Spain, Lleida, Peruny

Published 3 years ago

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One coin to rule them all Facebook's Diem has global ambitions

Spain, Lleida, Peruny,

Published 3 years ago

X-Node Details

2021 appears to be a great year for the blockchain world, as various projects, such as non-fungible tokens (NFTs) and decentralized and centralized financial exchanges (CeDeFis), are taking center stage. Also on the front lines is Facebook's Libra (NASDAQ: FB).

Not long ago, the news media picked up the news that the world's largest social network was developing plans for a global digital currency. Then after a while, it seemed like Facebook had shelved their plans. Disputes with regulators around the world contributed to delaying and reorienting Facebook's plans somewhat.

Rather than back down, Facebook decided to strategize and launch a "different" global digital currency later in 2021, after renaming the project to Diem.

Related: New Name, Old Problems? Rebranding from Libra to Diem Still Faces Challenges

It's different in the sense that they had a name and management change. However, the Libra Association, which was later renamed the Diem Association in December 2020, will manage the project.