Do you Know What is Diem, Facebook's Ambitious Crypto Project?

Do you Know What is Diem, Facebook's Ambitious Crypto Project?

Have you ever hear about Diem? It is Facebook's most recent ambitious project. Keep reading to find out all the details. Read on!

Have you ever hear about Diem? It is Facebook's most recent ambitious project. Keep reading to find out all the details. Read on!

Diem's push to launch stablecoins and a global payment system could suffer from apparent anti-crypto sentiment among top US policy makers.

Diem's push to launch stablecoins and a global payment system could suffer from apparent anti-crypto sentiment among top US policy makers.

Facebook's ambitious digital currency payment project, Diem, is still far from being realized despite concerted attempts to win over financial regulators.

According to The Washington Post on Friday, Diem is struggling to smooth out regulatory wrinkles with high-level policy makers in the Biden administration.

Even with all the weight of Facebook's significant lobbying power in Washington, the digital currency project has yet to take off.

Reports indicate that David Marcus, director of Facebook Financial (F2), met with regulators in Washington in early September. According to anonymous sources allegedly present at the meeting, Marcus defended the importance of cryptocurrencies in expanding access to financial products and highlighted the benefits of Diem's payment app, Novi.

Even with all the weight of Facebook's significant lobbying power in Washington, the digital currency project has yet to take off.

Representatives for Diem cited by The Washington Post say regulators are satisfied with some of the design changes made by the project. In fact, Diem has undergone major modifications to its original mandate published in 2019.

Originally dubbed Libra, the Facebook-backed effort was initially designed to be a global payment system that included a "Facebook Coin" backed by a basket of fiat currencies.

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