Let’s start with the basics: Diem is the name of the cryptocurrency designed by Facebook / Meta, which was previously called Libra and which has not yet been officially released. This coin, managed by the association Diem (which includes Facebook and other partners), should have been kept by users within the corresponding digital wallet, formerly known as Calibra but now renamed Novi.
Novi officially debuted in October in a small pilot program (which involved only Guatemala and the United States), while for a few days experiencing its crucial integration within WhatsApp (only in the USA). Unlike what was initially designed, it is not possible to store and use the cryptocurrency created by Facebook on the digital wallet created by Facebook. About Novi you don’t use Diem, but the Pax Dollar: seventh stablecoin (ie a digital currency with a fixed value) with a market capitalization of about one billion dollars, compared to 76 billion of the much better known Tether.
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Pax Dollar is issued by the fintech company Paxos, therefore theoretically a rival of the Diem association. Confused? You are not alone. The situation has become even more chaotic following the farewell of the head of the whole project, David Marcus, who resigned from Facebook in early December and handed over the baton (or perhaps the hot potato) to Stephane Kasriel.
From this confused story they can be deduced for now two conclusions:
It was June 2019 when Mark Zuckerberg announced with great fanfare the birth of Libra, a stablecoin supported by an association which would also include giants of the caliber of PayPal, Mastercard, Visa or eBay (which later backed out).
Libra was supposed to be a fixed value cryptocurrency, guaranteed by a basket of dollars, euros, yen and others. A kind of global currency, led by Zuckerberg. The project has raised enormous concerns especially (but not limited to) among US lawmakers, who have seen it as a potential attack on the sovereignty of the dollar and they’ve put such pressure on Facebook’s number one as to convince him to resize plans.
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Two years later, the mountain really seems to have given birth to the proverbial little mouse. When it arrives, Diem will no longer be a global stablecoin: it could have various versions anchored to some individual institutional currencies (to the dollar in the United States, to the euro in Europe and so on). But if the timing of Diem’s presentation is not yet clear, the integration of the Novi wallet within WhatsApp could soon allow the two billion users of the platform to exchange money immediately, without commissions and using a tool with which they are already familiar. According to as written by TechCrunch, the coins kept inside Novi cannot, however, be used to make purchases or to pay the rent.
But why not use the coin created specifically for this wallet within Novi, instead of the rival Pax Dollar? In october, the now former manager David Marcus had confirmed his desire to “use Diem as soon as it has received all the necessary approvals “. Two months later, however, the feeling is that plans for the debut of Facebook’s cryptocurrency have run aground. What if it is finally decided that Novi can also do without its (former) sister cryptocurrency?
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