She said a company Facebook: Regulators must give us confidence in our ambitions to launch a cryptocurrency called Diem with a digital wallet called Novi.
David Marcus, Head of Financial Services at Facebook, said: He hopes to launch a cryptocurrency and digital wallet next year.
Asked about major changes in financial services in the coming year, Marcus said he hoped to obtain regulatory approvals to launch Diem and Novi in 2021.
The Facebook-backed cryptocurrency has suffered from the volatility Since it was announced last year, it has faced major criticism from regulators, with the brand being rebranded.
The cryptocurrency was initially called Libra, and it was designed to be administered by a non-profit federation of several companies called the Libra Association.
Facebook has also planned to launch a digital wallet called Calibra, which allows users to send this cryptocurrency to each other.
The Libra coin was supposed to be backed by a basket of currencies, but regulators have raised a number of concerns, such as: Libra’s impact on financial stability, issues related to data privacy and money laundering.
The Libra Association in April scaled back its plans, saying it would be backed by only one country’s currency, rather than a basket of currencies.
Last week, the federation changed its name to Diem Association, while Facebook Earlier this year the digital wallet name from Calibra to Novi.
And thementioned The Financial Times reported last month that the Diem cryptocurrency is preparing to launch as early as January.
The newspaper reported that the Diem Association is currently awaiting approval from the Swiss Financial Market Supervisory Authority.
Diem is described as a cryptocurrency, except that it is not like Bitcoin, as there is a consortium behind Diem, which is something Bitcoin misses. Backed by fiat currency, unlike Bitcoin.
The Facebook executive pleaded with regulators to give Diem coin and Novi’s wallet a chance, saying: What we are asking for is giving us confidence.
He explained that Facebook could have built the cryptocurrency in a closed manner and made it available to WhatsApp and Messenger users only, but instead entered into a union with other companies.
The efforts to launch Diem and Novi come at a time when central banks are also exploring their own digital currencies, and China is starting to do some realistic experiments for the digital yuan.