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Facebook to start pilot runs for its digital currency

April 21, 2021

Facebook to start pilot runs for its digital currency

Facebook may flag off a trial of its currently stopped digital currency project before the current year’s over, according to CNBC. The currency, once known as Libra, was renamed Diem in December 2020, in the wake of getting reaction from regulators and the general public.

CNBC revealed, citing a source it didn’t name, that Diem Association, the Switzerland-based body that regulates Diem’s advancement is intending to launch a pilot with a single stablecoin fixed to the USD in 2021.

Diem is an independent group coordinated by Facebook, with other association members including Andreessen Horowitz, Coinbase, Spotify, Lyft and Uber.

The individual, cited by CNBC, likewise says this pilot will be carried out on a limited scale focusing on transactions between individual customers. There could be a choice to allow clients to purchase products. Notwithstanding, the details about the launch date are still scarce.

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