The diem project, a cryptocurrency developed by Facebook, hasn’t moved much for a long time, but according to reports, the trials will finally begin later this year.
DM was first announced in 2019 and was called Libra at the time. But after that, it changed its name to DM. This time, the currency exchange rate will be fixed at the dollar. Facebook, one of the money lines in the IT industry, seems to be preparing to enter the cryptocurrency industry in earnest.
When the project was first announced in June 2019, it was immediately criticized by the government and consumer groups around the world. There were a lot of worries about what would happen if a big company like Facebook stood up against the world’s largest currencies, including the dollar and other cryptocurrencies. This is because it is quite large considering the fact that there are 2.8 billion Facebook users compared to 7.9 billion people on the planet.
In addition, the 2019 plan was to issue currency that could be used on the blockchain by the beginning of 2020. However, it could not be realized as partner companies such as PayPal and eBay took over due to the influence of negative reports. Perhaps this is why, according to reports, the work is proceeding fairly carefully this time. For this reason, no detailed information is known.
According to a person familiar with the industry, starting with The Diem Association, which oversees the project by a Swiss non-profit organization, it is scheduled to issue a stablecoin in 2021 with a constant exchange rate with the US dollar.
In addition, according to an anonymous official, the prototype is not very large, so it is intended to ensure that transactions between customers can be carried out smoothly. Of course, there is a possibility that users will be able to purchase products with coins. However, the timing of the announcement is undecided and may be subject to change.
DM Association is an organization founded in the form of succession of the third institution (Calibra Association) business that Facebook started to supervise the project during Libra.
Meanwhile, a Facebook official said, “Since nothing was announced on the DM’s official site, it is highly likely that information may have been leaked. did.
Currently, even governments around the world are starting to set up committees to review the manufacture of their own cryptocurrencies. Countries such as China, the UK and Japan are also actually conducting investigations. It goes without saying that cryptocurrencies such as Bitcoin and Ethereum are already gaining momentum over the past few years. The use of cryptocurrency is spreading throughout the industry, and PayPal announced in March that it will introduce a new cryptocurrency payment system. Cryptocurrency sales that support numerous business operators are eventually exchanged for fiat currency and delivered to business operators.
What about Facebook? The start wasn’t smooth. In July 2019, he even made a statement to U.S. House Commissioner Mark Zuckerberg that the new cryptocurrency might be the cause of the next 9/11. It means that criminals are likely to abuse cryptocurrency, but it’s certainly a fairly burdensome remark. Related information can be found here.