Facebook plans to launch testing of Diem digital currency by the end of 2021

Social network Facebook may start testing its own digital currency pegged to the US dollar.

The Swiss non-profit Diem Association (formerly Libra Association) plans to start testing digital currency from Facebook by the end of 2021. Writes about this CNBC, citing sources close to the association.

It is reported that the testing will not be large-scale and will focus on transactions between individual consumers. As part of testing, users will be able not only 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 CEO Michael Gronager, Facebook may launch a digital currency this year. Otherwise, Gronager noted, it would be a missed opportunity.

Facebook is moving to a new market

The Diem Association is currently negotiating with Swiss financial regulators to obtain a payment license. Although the association plans to start testing, it still has to get regulatory approval.

Diem Association chief economist Jumanne Bersetche said the association plans to «gradually introduce various features and options» of its own digital currency.

Long-term construction Facebook has long been known in the cryptocurrency market. For example, back in November last year, anonymous sources of Financial Time claimed that the social network could release its stablecoin in January 2021. Prior to that, it was reported that the stablecoin Diem (formerly Libra) will be released in 2020.

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