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Definition: Diem

A cryptocurrency that Facebook is developing. Originally called Libra, it initially included partners such as eBay, MasterCard and Visa, all of which subsequently dropped out. Novi (originally Calibra) is the name of the digital wallet app for making Diem transactions.

Announced in 2019 for 2020 deployment, as of May 2021, Diem has not officially launched. Diem is linked to other assets to prevent volatile price fluctuations (see stablecoin). Because Diem is developed by Facebook, the crypto will immediately be available to two billion people when it comes out. As a result, Diem is a very controversial subject that has raised concerns by many countries including the U.S. government. Stay tuned! See cryptocurrency.