Facebook May Launch Its Own Currency by the end of the year

The social network Facebook hopes to launch its digital currency. It has been delayed for many years, but now the top managers of the social network are planning its test launch by the end of 2021.

Announced in 2019 with the name Libra, this currency was not well received by the public, so it was renamed Diem. The plan is for it to be backed by the U.S. dollar.

Facebook’s initial plan to launch its own currency received harsh criticism from authorities and communities around the world. They were concerned that a giant techno-monopoly like Facebook could compete with global currencies. Facebook has about 2800000000 active users, while the population of the entire planet is 7980000000.

Because of the bad public reaction, companies that initially supported Facebook’s currency have begun to abandon it. Among them are PayPal and eBay.

This time, the Diem Association, whose headquarters is in Switzerland, is planning a very cautious approach. At first, they will launch a test mode with one coin, which is tied to the U.S. dollar. The volume of transactions will be small and aimed at individual consumers.

Antonia Sandra, chairman of Facebook’s Australian PR department, says Diem is a separate organization from Facebook, and the question about currency should be asked of her.