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Recently the giant media corporation Facebook stablecoin, Libra, announced that will launch their coin in the early 2021 which will be pegged to a single Fiat currency, the US dollar. On December 1, 2020 the association who backs the global coin announced that will rebrand the old name Libra to a new one, Diem.
The rebrand to Diem association, which in Latin means "day", well known in the proverb "carp diem" is a clear attempt from the association to run for the bad image the old name brought when the giant Facebook announced that will launch their own coin, since the announce on June of 2019, the facebook's coin suffered strong contestants and regulatory issues even take the CEO Mark Zuckerberg to explain in the US Senate how he plans to protect users from leak of their financial information. Facebook criticism grows even higher in the Europe where in certain parts was even banned claiming that the global stablecoin was a dangerous to countries sovereign authority.
After those allegations in US and Europe some of late Libra association left the community claiming that the Facebook's stablecoin was facing regulatory scrutiny, some of the biggest names on the association withdrawals were Paypal, stripes, MasterCard which after leaving the association started to follow their own program to englobed crypto on their business. MasterCard and Paypal are the big names that recently associated their brands with cryptocurrency, with the company provider in global payments cards giving support to many projects in the field, making their cards to easily top-up by crypto in several places across the globe.
Paypal also announced recently that is officially in crypto and in the US qualified accounts, started in late Nov. 12 to buy, hold and sell crypto. The other regions that use PayPal will start the adoption in the Q. 1 of 2021 and the huge network of more than 310 active customers from the giant fintech will be able to use crypto on their network of 28M merchants distributed in 210 locations across the planet.
The new name from Facebook's stablecoin come with many other changes in the association, they also hired high profiles figures on the finance space and continued to grab more associates to their cause. The coin linked to Facebook can be in the future the biggest competitor of the dubbed CBDC-central bank digital currency or DCEP-digital currency electronic payment from China. The Diem will be pegged to US dollar and with more than 4 billions users of Facebook, which can in the future be customers benefiting from the monetary services offered by Diem association will be a strong opponent to digital yuan.
Digital Yuan will be a national currency in China and will substitute the paper money, with a population of more than 1.5 billion after adoption of the new way of payments can only be defeated by Facebook new coin in terms of usability and custom numbers, if they manage to offer the Diem stablecoin to their network of media users to Capt more than 3 billion users. It's clear that all this attempts to launch it in January 2021 the global stablecoin will only be pegged to US dollar, which is the biggest competitor to the Yuan from China. The digital yuan have been on tests in four cities offering the citizens red packets test the coin.
Of course all the above statements concerning Facebook and digital Yuan are my own opinion for further information about is necessary to read a lot more about this two financial instruments.
The CEO of the Diem association, also shared some excitement about the rebrand with the following words:
We are excited to introduce Diem — a new name that signals the project’s growing maturity and independence.”
Well, it's the same product with a new name, I hope that the name change brings also changes to the Diem stablecoin which is awaited with many skepticism, taking in consideration the many leak on the customers info by Facebook and the large userbase the company hold, what knew they could brought in the digital financial market powered by Blockchain. Don't get wrong perception about this stablecoin, it won't be a crypto but a financial instrument build on blockchain to national and cross border payments.
Stay tuned for much more articles about blockchain and crypto.