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Facebook’s own crypto currency “Diem” is on the way


Facebook, one of the largest social media companies in the world, enters the crypto currency exchange with a project called “Diem”.

Facebook took its first steps in this matter in 2019 with a project called ‘Libra’. However, the problems experienced in the project and the scandals faced by Facebook regarding data security had suddenly dragged Libra into an inextricable state. Key partners such as Visa and Mastercard had withdrawn from the project. Experts worried that the creation of international digital money by a social media company like Facebook would pave the way for illegal activities and money laundering.

Facebook has reshaped its crypto money project since then. The new name chosen for crypto money was announced as Diem. According to the US-based CNBC report, the date Diem will come to life has been announced. Accordingly, Facebook aims to start using Diem at the end of 2021.

Diem, which will enter the market as a stablecoin, will allow customers to transact money between each other. In addition, Diem owners will be able to use the crypto money when they want to buy goods and services.

Source: t24. com. tr

Categories: Social Media News
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