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Definition: Diem


A blockchain-based digital currency and payment network that Facebook is developing. Officially the Diem Payment System, Diem was originally known as Libra. It included partners such as eBay, MasterCard and Visa, all of which later dropped out. Novi (originally Calibra) is the digital wallet app for making transactions.

Announced in 2019 for 2020 deployment, as of June 2021, Diem has not debuted. Diem will support stablecoins linked to dollars, Euros and pounds sterling as well as XDX, a multi-currency coin (see stablecoin). Because Diem is developed by Facebook, the system will immediately be available to two billion people when it comes out. As a result, Diem is very controversial, raising concerns by governments of many countries including the U.S. Stay tuned! See cryptocurrency.