Facebook hopes that the cryptocurrency it supports will start in 2021

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Facebook hopes that the cryptocurrency it supports will start in 2021.

After it was revealed last year, Facebook's cryptocurrency initiative has been a rollercoaster, attracting major opposition from policymakers, scaling down plans and a fresh new name.


Initially known as Libra, the blockchain was intended to be operated by a non-profit group of various firms called the Libra Association. Facebook plans to introduce Calibra, which allows people to give each other this cryptocurrency.






In the beginning, one Libra coin should be supported by a currency basket. However, regulators raised several questions about data protection and money laundering from the effect that Libra may have on financial stability.


 David Marcus, the head of Facebook Financial and F2 Financial, also known as F2 has stated that he hopes that both Diem's cryptocurrency and Novi's wallet, will launch in 2021.

Before a recent rebrand Diem used to be called Libra. It is run by the Diem Association consortium.

The cryptocurrency effort supported by Facebook has been heavily criticised by global regulators.


Marcus hoped regulators would provide the "benefit of doubt" for the project.



In its ambition to start the digital wallet and the crypto-monetary backs, the regulators' head of the Financial Services bras told Facebook on Monday, "the benefit of doubt" should be granted.


David Marcus, head of Facebook Financial, also known as F2, said he expects that the cryptocurrency known as Diem will be launched next year, along with the Novi social-networking company's wallet.




Marcus answered a query about the biggest developments for financial services over the following year. "I hope that we will engage with ... Novi and DIYM and with great changes in 2021 awaiting regulatory approvals to acquire them," he said at the Singapore FinTech festival.



“I hope we get to participate with... Novi and Diem and the big changes of 2021, pending regulatory approvals where we need them,” Marcus said at the Singapore FinTech Festival, in response to a query about the biggest changes in financial services in the coming year.

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