Diem Coin Release Date: When Will The Facebook Digital Coin Launch?

It's been quite some time since Diem - or Libra - first burst onto the scene in 2019, but when can we expect the release date to be?

Facebook's venture into cryptocurrency has not been as smooth as it may have expected. In an age where 'memecoins' like Baby Doge Coin and Shiba Inu Coin are regular releases, Facebook's size has created a more complex situation for Diem.

Here's the latest on Diem's release.

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Diem Coin Release Date

One of the latest reports suggest that Facebook's Diem coin should launch at some point in 2021 via a pilot event.

As reported by CNBC, the Diem Association plans to release a pilot as a single stablecoin to the USD.

This comes after Libra - the previous branding for Diem - was initially set for a 2020 release. However, after facing a number of hurdles, this has been pushed back to 2021.

Of course, there is always the chance the release of Diem may be moved to a later date, especially given the already tumultuous development.

Facebook's financial services head, David Marcus, recently said the company's digital wallet - Novi - is ready for launch, although it appears Diem is not at the same stage.

Since its announcement in 2019, various companies in the then Libra Association departed the project. Both US and EU regulators also raised concerns about the digital currency plans.

In May 2021, the Diem Association scaled back plans for Diem's launch to focus on the US market. The association withdrew its payment license application from Switzerland to register as a money services business in the United States, alongside partnering with Silvergate bank.

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What is Diem Coin?

Diem is a stablecoin tied to the US Dollar, first announced by Facebook in 2019. It is part of the wider Diem Association's project that initially hoped to release a multi-currency stablecoin basket. However, the focus has now shifted to these single-currency stable coins.

According to Diem's whitepaper, stable coins on the Diem Network will be backed by its Reserve assets.

It is governed by the Diem Association - an organisation that will govern the whole Diem network alongside running the validator nodes for blockchain transactions. The Diem Association's members include the likes of Lyft, Spotify, Coinbase, Uber and Shopify.

The coin will sit on the Diem Blockchain, and should be integrated with the Facebook-backed digital wallet Novi, previously known as Calibra.

Facebook is not the only entity exploring digital coins, with Amazon touted to launch its own digital currency in the future. Similarly, a variety of countries are currently exploring the release of CBDCs - Central Bank Digital Currencies - such as a potential E-Euro release.

READ MORE: Deflationary Cryptocurrency: Is Bitcoin Or Ethereum Deflationary?

[Featured Image by Brett Jordan on Unsplash]