Diem is the official name under which the cryptocurrency that Facebook announced last year as Libra will come out. The wallet app has now changed its name to Novi, instead of Calibra. Withdrawal from the Facebook-led project is one of the reasons for the rebranding, says Coindesk .
Optimistic announcements say that Diem could officially appear in January, early next year. The previous announcement was that the cryptocurrency will be released in early 2020, but due to the departure of some of the original members, the release was delayed.
Diem’s blockchain is still the same one whose creation was greatly influenced by the Facebook team, but all 27 member companies of the group are equal. Following the changes Diem is in compliance with international law.
Diem will be ready for launch once the Swiss Financial Market Supervisory Authority (FINMA) issues a license.
Diem’s purpose is to be used for financial transactions. Due to this, there will be a stable (fixed) cryptocurrency whose value will be based on the dollar. The previous announcement was that the Libra will be based on several different world currencies.
