Top Exec Say Facebook Hopes To Introduce Its Crypto And Wallet In 2021

Top exec say Facebook hopes to introduce its crypto and wallet in 2021. A top executive at Facebook Financial said that global regulators should give Facebook-backed cryptocurrency Diem “the benefit of doubt” to greenlight its debut in 2021.

David Marcus, the head of Facebook Financial, or F2, said that both cryptocurrency Diem and related crypto wallet Novi could be launched next year. Speaking at the Singapore Fintech Festival 2020 on Dec. 8, he stated that regulators should finally let Facebook move forward with its cryptocurrency “I don’t think what we are asking for is just immediate trust. I think […] what we’re asking for is at least to have the benefit of the doubt […] I think all of those things that we’ve done — which has created all kinds of complications in the execution of this vision — is I think a good reason to give us the benefit of the doubt in terms of our intentions and what we plan to do here.”

Marcus said Facebook is now awaiting regulatory approvals to run the stablecoin and its related wallet. His remarks on the expected launch of the Diem stablecoin come shortly after the Libra Association rebranded the Diem Association on 1 Dec. 2020, in a bid to shake off the mixed reception of its crypto project formerly known as Libra.

[image: Alex Haney]

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