Facebook may start testing Stablecoin in 2021
Social network Facebook may begin testing its own digital currency with a peg to the U.S. dollar by the end of the year
Swiss nonprofit organization Diem Association (former Libra Association) plans to begin testing a digital currency from Facebook by the end of the year. CNBC reported this, citing sources close to the association.
The testing will reportedly not be large-scale and will focus on transactions between individual consumers. As part of the testing, users will not only be able to buy goods, but also to pay for services. However, there is still no date for testing the digital currency from Facebook.
According to Chainalysis C E O Michael Gronager, Facebook could launch a digital currency as soon as this year. Otherwise, Gronager noted, it would be a missed opportunity.
Facebook is moving into a new market
The Diem Association is currently in talks with Swiss financial regulators about obtaining a payment license. Although the association plans to begin testing, it still has yet to get regulatory approval.
According to Diem Association chief economist Jumanne Bersetsche, the association plans to “phase in different features and variants” of its own digital currency.
Facebook’s long-running cryptocurrency market has been known for a long time. For example, back in November of last year, anonymous Financial Time sources claimed that the social network could release its stabelcoin in January 2021. Prior to that, it was reported that the Diem (f o r m e r l y L I b r a) stabelcoin would be released in 2020.
