4/20, 10:49 AM (Source: TeleTrader)
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Facebook-backed digital coin Diem to launch in 2021

The Diem Association, backed by tech giant Facebook Inc., is looking to introduce global digital currency this year, CNBC reported on Tuesday citing people familiar with the plans.

Facebook-backed digital currency, formerly known as Libra, is expected to tie itself to the dollar following a launch in a "more limited" form in 2021. The coin is meant to be used for transactions between consumers, while buying goods and purchases might also be possible.

Swiss-based Diem Association is now in the process of obtaining a payment license from the country's financial regulators. The name Libra was changed to Diem in December last year.

Breaking the News / ND