David Marcus, Diem Association’s board member as well as head of Novi (a digital wallet), noted in the latest blog post that the Diem payment system had acquired the license for operating in almost every state. Marcus disclosed this news in the mid of a post. The post intended to elaborate the requirement of stablecoins in fixing a lot of issues existing in the present international system of payments and the reason behind Facebook’s target to manufacture the right network, wallet, and coin in this respect.
Diem: an international system for payments
Marcus stated that he firmly believes the current time is perfect to avail the chance of creating an interoperable open protocol for cash currently existing on the internet, and it adjusts the game regarding business and people in the whole world. He further spoke that since he is contributing among the affiliates at the association of Diem and can assist in bringing firms near to a standard, he is not in favor of losing their chance.
After giving an outline of a lot of possibilities, such as the global stable coin network’s help of bank its assistance for maintaining the power of the United States dollar as a reserve currency of the world, Marcus moves on to defend the legitimacy of Facebook as being a provider of this kind of network as well as stablecoin. He further stated that the state approval and licensing of Diem are making continuous progress. He mentioned that they have remained faithful to their specified commitments, and thus they participated in constructive conferences with the policymakers and the regulators across the globe.
Marcus assured that they had attained approvals or licenses for Novi in almost every state; therefore, they will not initiate a launch anywhere without obtaining such clearances. He concluded by mentioning that Novi is prepared to enter the market and to tackle all the relevant requirements walking hand-in-hand with the future of money while strictly complying with the regulators’ orders.
As has been mentioned earlier that Diem can be planned for being launched at the end of the current year while Tether is right now very steadfast to meet with its anxieties regarding the deficiency in significant collateral, it is a possibility that Diem turns into a prominent stablecoin and maybe develop into a noticeable cryptocurrency overall.