Facebook prepared a blockchain-based payment system named Libra for quite a long time. However, there were some issues with its naming and approach. Now, in their quest to get regulatory approval, the Libra system is now named Diem. The project was pushed in April, and now it’s preparing for a release in 2020. This is a rather interesting approach and one that does bring in front a lot of great potential.
The interesting thing about Diem is that it’s a single dollar-backed digital currency. It’s basically a stablecoin, which significantly removes many of the possible challenges and issues that can appear on the market. On top of that, it’s a lot easier to manage and use, and the great thing is that it conveys all the value and benefits.
The Diem coin is focused on tackling aspects like sanction control or financial crime. The idea is to remove many of the potential issues that can arise, while still offering continuity and reliability. It’s a great opportunity and one that has the potential to work in a powerful manner.
Its first stablecoin will be named the Diem dollar, and there’s no specific timeframe right now aside from early 2021. The regulatory hurdles are the ones complicating things a little bit, but the potential is there, and it’s clearly something that will continue to expand in the long term. The organization is engaging regulators to see how the token circulates, what fiat currencies can be connected with it and so on. The potential is definitely there, you just have to assess it correctly.
How to use Diem Coin?
The Diem Coin, also known as the Diem dollar, is the first cryptocurrency that Facebook will be releasing on the market. This is a very interesting approach from them, and it does come with a vast range of amazing results and benefits. That being said, it’s bringing in great results and value, and the benefits themselves stand out quite a bit. The great thing about the Diem dollar is that it comes as a stablecoin, so the risks that come from crypto are significantly increased, which is exactly what you want to focus on here.
You can use the Diem Coin for purchasing a variety of goods and services. In addition, you can also transfer the coins to other users or convert them into your own currency as needed. The great thing about this coin is that you can send money to people with almost 0 fees. Not only that, but you can maintain your anonymity when you buy or sell the coins, and you can also access third party wallet apps and use them the way you want without restrictions. It’s a very good solution for anyone that wants to own crypto, gain access to a variety of ways to buy items, while also transferring money to others.
One thing to note is that Diem Coin didn’t really launch yet, so it will take a little bit until it will arrive on the market. But there are still overall prices and a market cap that will eventually appear. It’s still a new coin, so getting it will take a little bit. For the time being, there’s a lot of interest in the Diem Coin, the only issue is that regulators find it extremely challenging to deal with.
There aren’t a lot of large companies like Facebook that created their own cryptocurrency, let alone a stablecoin. So there is massive potential here, we just have to find a way to get it when it arrives on the market. Obviously the best approach is to use one of the major cryptocurrency marketplaces and work with regulators. That alone can make a huge difference in the long term. At this point, we are all eagerly waiting for the Diem Coin and it’s definitely going to have a bright future!
Diem Official website: https://www.diem.com/en-us/