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Libra resurfaces as Facebook Diem prepares for launch 2021

TL;DR Breakdown

  • Diem to launch this year
  • What next after Diem Pilot launch?

After shelving plans to further the Libra project, Facebook Diem, the substitute of the Libra, is set to launch before the end of the year, according to CNBC. Libra, which was aimed at changing the face of fintech and digital payment, was largely opposed to by lawmakers owing to regulatory concerns.

The main fear for Libra was that due to Facebook’s massive users, Libra would be a threat to monetary stability and lead to money laundering.

The Libra idea was dropped due to this, and after major backers, Visa and Mastercard, decided to withdraw support for the stablecoin. Creative Facebook, however, reworked the idea behind Libra to come as Diem. This time, the Facebook Diem would not be much as controversial and as it was for Libra back then.

Launching the pilot test of Facebook Diem

Based in Switzerland and in charge of the coin, the Diem association announced that it would launch a pilot test this year. For the pilot launch, a single stablecoin will be pegged to the U.S. dollar.

Reportedly, the pilot launch of the Facebook Diem would be low scale and would be focused primarily on transactions between individual consumers. Users may also be allowed to buy and sell CNBC reports sighting anonymous sources. However, there is no confirmed date for the launch, and the timing could therefore change.

What next for Diem after launch?

Diem undoubtedly has lost several giants that backed the project initially, like Visa, Mastercard, and Stripe. More firms dropped the idea along the line like PayPal, eBay among others.

However, the coin has gone through series of changes, and now a reborn coin is in the making. They are currently negotiating with Swiss financial regulators to secure a payment license that would strengthen its digital currency properly on track. With the support of Facebook, the coin is expected to explode after its launch, no doubt.

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Reality Check: China did NOT call Bitcoin an investment alternative – One person working at the central bank of China (Li Bo) did. Stay grounded

It never ceases to amaze me how many “moonboys” we get in this subreddit that don’t know how to read a post. I’ll just copy and paste all of my original thoughts from my comment in the relevant thread here:

>李波：我们认为比特币和稳定币是加密资产。加密资产是投资的选项，它本身不是货币。它是另类投资，本身不是货币。所以我们认为加密资产将来应该发挥主要作用（的地方），是作为一种投资工具或者是替代性投资。把它作为一种投资工具的话，很多国家包括中国也正在研究，也就是对于这样一种投资方式应该有怎样的一种监管环境。虽然这个监管规则是最低的监管规则，但是仍然要有监管规则。以及也要确保对于这类资产的投机不会造成严重的金融风险，这是必须要做到的。也就是说，我们想出来需要怎样的监管规则之前，会继续保持现在的举措和做法。

Translation: *We believe that Bitcoin and stablecoins are crypto assets. Crypto assets are an investment item, they themselves are not currencies. So we believe that (the main place) crypto assets will develop is to become a substitute investment or investment tool. If we examine it as an investment tool, many countries including China are researching just what kind of environment would be appropriate for these investment tools. Although these regulatory rules will be to a minimum, these are still regulatory rules [this is stressed as rules that must be followed]. It is also necessary to ensure that speculation of these assets will result in minimizing financial risk. Before we role out and new regulations or laws with regards to crypto assets, we must ensure that the present laws and practices are being followed.*

We can’t forget this is quite literally “Xi Jinping’s China” that we’re talking about. I say quite litererally because Jack Ma, one of China’s richest men, disappeared for a couple of months for simply voicing a disagreement with the CCP. Now I daresay that we need to keep a close eye on Li Bo for the next couple of months.

My final take: I said China would be getting on board sooner or later. I am nearly, positively, 100% certain that new regulations will revolve around strictly custodial services surrounding bitcoin unless the amount is below a particular threshhold in USD or RMB.

You can find my previous takes here in a different thread – https://old.reddit.com/r/CryptoCurrency/comments/j4e2iz/the_state_of_cryptocurrency_in_china_if_anyone/

And don’t forget: they don’t want crypto opened up to normies! why? This three minute video should ge the point across: https://www.youtube.com/watch?v=OAK7Rq6YFz4

**EDIT:** This is what the media is trying to make you think with a different entirely fabricated example:

**”The Speaker of The House comes out as a vegan.”** is the headline we read on Monday from the New York Times.
Tuesday rolls along. Some Chinese news outlet publishes this headline: **”America is going green and loves eating vegan.”** because of Monday’s headline.

Anything sound funny about that?

View Reddit by sgtslaughterTV – View Source

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Since Binance doesn’t want to acknowledge this I’m posting here- $12k+ USD stuck in Binance with zero support available

Hi- I know it’s a really busy time but I’ve been trying to get this issue resolved for 4+ months with no luck. Here’s my last shot.

In early 2017 I created a binance account and bought some ADA/BNB and never really checked it until Jan 2021. I can still log into the binance account because I have my orig logon info, google 2fa set up, and a sms number registered with the account.

Apparently after 6months of inactivity the email address I registered with Binance had expired. This was the email I used to get my withdraw pins. Because I can’t get withdraw pins, I cannot make withdraws.

To set up a new email I need to be verified. Binance will not verify me since I am a US citizen.

All I would like to do is get my coins moved from Binance to BinanceUS so I can withdraw them. I have tried to contact both Binance and BinanceUS but neither are able to assist apparently. I was told my coins were “safe” but I literally can’t withdraw them.

I’m not here to bash binance or to bring them negative attention but I do need help with this and I do not feel like I was getting the required level of support in my emails to resolve this. Is anyone here familiar with the process or able to share their experience? Thank you

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edit–Thank you so much to everyone who is commenting/upvoting for visibility!! I really appreciate the attention people are showing this post. I’ll go through the comments and try some of the methods after work. This really is a great community.

**Update- 4/19/2021- A binance mod commented on my post in /binance. I have since provided them with my username and email. I was told they would speak with the risk team to assess.**

**4/20/21 – Waiting on response from Binance reddit mod (fair given time zone differences) I will patiently wait a few days to see what happens. In the meantime I started binanceUS kyc verification**

**Here’s my twitter post** [**https://twitter.com/larryth32804599/status/1384318043912867842**](https://twitter.com/larryth32804599/status/1384318043912867842)

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View Reddit by LarryTheLobster710 – View Source

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