Facebook confirms plans to launch Diem (formerly Libra) in 2021

Global regulators should grant Facebook-backed digital currency Diem and its Novi wallet a presumption of innocence and remove obstacles to their launch in 2021. This view is supported by David Marcus, head of Facebook Financial.

Facebook hopes the cryptocurrency it backs will launch in 2021, top exec says https://t.co/6yk69t0iT3

— CNBC (@CNBC) December 8, 2020

The head of the social network’s payments initiative division reminded that await approval from regulators. He is convinced that moving away from a closed system accessible only to Facebook and Messenger users, and creating a consortium with other companies, will help to temper government concerns.

“I don’t think we’re asking for immediate trust. Rather, it’s about the presumption of innocence. All the steps taken to overcome resistance to realising our ambitions so far are a legitimate reason to view our plans that way,” Marcus explained.

The head of Facebook Financial noted that there are no examples in history of a company investing substantial resources in developing a product or service and then relinquishing control.

“We will try to make this as open an ecosystem as possible, and tie one or both hands behind our backs to ensure competition,” Marcus explained.

Earlier, on December 1, the Libra Association renamed to Diem Association. In May, Facebook conducted a rebranding of the Libra wallet, renaming Calibra to Novi.

German Finance Minister Olaf Scholz noted that the Facebook currency rebranding is not sufficient to dispel regulators’ concerns.

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