Facebook-Backed Diem Aims to Launch Stablecoin Pilot in 2021: Report
The pilot would see a single stablecoin pegged to the U.S. dollar.
Central bank digital currencies will one day be more "smart," and not merely digital versions of cash, Yao Qian said.
Diem, the latest iteration of Facebook's ambitious Libra project, had to make multiple concessions to calm the regulators. Chief Economist Christian Catalini explains the evolution.
Facebook unveiled the Libra project a little over two years ago today. The original vision may have died but its legacy will live on.
The potential launch of private cryptocurrencies such as the Facebook-backed Diem is motivating central banks to develop CBDCs, the report noted.
Diem is moving its "primary operations" from Switzerland to the U.S.