A Mild Review of Facebook’s New Cryptourrency “Diem”

Diem is the new cryptocurrency that has been proposed by Facebook as its payment system. It is a stablecoin with supply of 21,739,971,929.0816 and price of 0.00000247 USD. Stable coins are crypto tokens which are less volatile as compared to their crypto counterparts (the mooning coins). Which is why the currency’s plan is to back it by financial assets like currencies and US treasury securities with a proposed US $ 10 million on the opening day.

Diem is a project announced on June 18, 2019 as Libra, before the name changed in December 2020. But Diem is more than just a new cryptocurrency, it is very different from other currencies built on blockchain.  This is because it is not decentralized. Also, it is monitored by the Diem Association, a body made up of group of blue chip tech companies that oversees the new cryptocurrency’s development.https://www.diem.com/en-us/

The project has not been able to meet up to its late December 2020 launch (majorly because of opposition and criticism it has faced). A  report on April 2021 stated that the coin will now be released in a phased approach, and the currency will be tied to the price of a single dollar as opposed to multiple currencies.

Will the SEC and CBN allow Nigerians own Diem if the currency is implemented?