Facebook (FB) Hopes to Launch Digital Currency in 2021
Facebook, Inc. (FB) is hoping to launch its cryptocurrency next year. David Marcus, head of Facebook Financial, or F2, told audiences at the Singapore FinTech festival that he hoped the company could participate in changing the financial services industry by launching Diem, Facebook's proposed digital currency for use on its social network, and Novi, the accompanying wallet for its Libra blockchain, on its platform.
The platform's launch is contingent on Facebook obtaining the necessary regulatory approvals to operate across multiple jurisdictions. Currently, the Libra association is awaiting permission from Swiss regulators to launch a dollar-backed stablecoin.
«I don't think what we are asking for is just immediate trust. I think … what we're asking for is at least to have the benefit of doubt,» Marcus said. The Financial Times had earlier reported that Facebook planned to launch its cryptocurrencies in January 2021. The company had originally planned to launch the proposed currency and wallet over the summer this year.
Ever since June 2019, when Facebook announced its plans to launch a digital currency, the company has faced intense blowback from regulators across the world. The ambitious project has undergone multiple iterations and changes, from the exit of high-profile partners such as Mastercard Incorporated (MA) and PayPal Holdings, Inc. (PYPL) to a recent rebranding effort designed to distance the project from the social media behemoth and its reputation for infringing on privacy rights.
Perhaps the most important transformation has been that of the company's vision for Libra. When it was announced, Libra was envisaged as an open-source platform and a centrally managed stablecoin, or a coin that does not
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