Facebook’s Attempt at a Digital Currency – Libra (Diem)

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Facebook’s Attempt at a Digital Currency – Libra (Diem)

Did you know that Facebook is creating their own digital currency? They started in 2017, and planned to launch it in 2020, but so far only experimental code has been released. They had several names for the project GlobalCoin, Facebook Coin, Libra and now Diem.

It's supposed to be a stablecoin. They collaborated with several big companies like Uber, Paypal, Visa, Stripe, eBay and so many more.

However, most of them left the project in 2019, as it's been looked down upon by regulators around the world. And as many of you saw on the front page today, Visa chose USDC over Libra.

This attempt of a currency is best described by this tweet:

"Can't wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralization of Visa, all tied together under the proven privacy of Facebook."

submitted by /u/mirza1h
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