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Facebook stablecoin wrap up: CEO still hope it could be launched in January 2021
The project formerly known Libra, now rebranded to "Diem" could still be launched in January 2021, at least is what the CEO of Facebook financial David Marcus hopes. In a brief statement on the Singapore Fintech Festival, the "big boss" from the Diem association said that still believing that the project could go live in early 2021 only waiting for Regulators approval to see the global stablecoin and the Novi wallet (the storage unit for Diem):
David Marcus hopes that the project at least can be given "the benefit of doubt" by the regulators.
Recently Diem association announced that the project will go live in the first quarter of 2021, more precisely in January, the date still unknown and depends from the approval of regulators, that since 2019 when the project firstly announced have been on scrutiny due to many reasons that make the authorities to "have a step back" with the Facebook stablecoin. The project if launched will only be pegged to the US dollar and will have support from 26 other members that are part of the Association backing up the project.
It's not new the "forces against the stablecoin" are working to challenge the giant media company to tell them how their plan to curb problems that can come if the users sensitive data can be leaked. Facebook isn't famous in protecting users information, with the most loud leak being the Cambridge analytica.
The European countries are stronger opposition of this new system of payments to be released by the giant media firm, the project have been banned until the company curb the regulator issues and explain how the project will work between the EU market. Most of this nations believe that Facebook Global coin can influence negatively with their sovereign financial stability. France and Germany are the first to show up their discomfort with the project, the Germany minister of finance believes that the project is a "a wolf in a sheep's clothing".
The project heads have found also a small back on their plans to rebrand it to "Diem", the researchers seems that failed to google better the name and look for possible companies with the same name. In Europe there's a small start-up already using the name "Diem" and promise to fight to protect their brand and already opened a lawsuit against the giant Facebook.
Well, seems that it could be launched in January 2021, there's no date to that happen and besides the company rebrand to Diem still encounter troubles, this project face a strong opposition to come to life. I can't disagree or agree with the opposition, they have motives to worry about the market dominance from Diem stablecoin, if the project got approved can secure more than 2.7 billon customer just in the Facebook platform. To use their services to send, receive and borrow money using the other services such as Facebook messenger, WhatsApp, Instagram that could be directly integrated with the Novi wallet.
In other hand it's good for business "market concurrence is needed" but without dominance in those levels, the unique challenge the media could face in that space if the coin get launched can be from China, the this two could share a market of more than 3.5 billion people... motive to worry, yes! I am not surprised to see regulators, countries, financial entities to go against the project, the project still need to clarify many times how it will work.
Time will be the only one that can brief about this controversy project, the world will be waiting to see what will happen in 2021.