Diem Cryptocurrency in Singapore: Should I buy? Tips & Advices

Diem is a cryptocurrency that aims to empower people worldwide through the creation of a simple global currency. It was originally launched as Libra and is now known as Diem. The cryptocurrency is expected by many to become the blueprint for the US central bank digital currency (CBDC), eventually in the future.

A) History and features of Diem cryptocurrency

Founded in 2019, by the Libra Association, in December 2020, the company changed the name of the cryptocurrency to Diem, mainly in an attempt to prove that the project has ‘organizational independence’ and to get regulatory approvals for the launch.

At the outset, the cryptocurrency project received extensive pushback in part mainly because it emerged out of the social media giant Facebook and in part because its goals seemed to threaten traditional government-run financial systems. After changing the name to Diem, the independent organization that runs the project, the Libra Association, will now be known as the Diem Association.

The main purpose of the Diem association is to manage and provide a structure of governance decision-making for the Diem network and Diem Reserve. The association also aims to oversee the operation and evolution of the Diem payment system, assist the provision of services on top of the Diem Blockchain in a safe and compliant way, and much more.

Diem is mainly intended to be used as an easy, low-fee universal currency that can be used by anyone. Basically, the project aims to foster an open-source community to drive the development of a robust network of financial products and services to help people access and use the Diem payment system. In fact, this project will be digital money on your phone, which can be used to pay for any purchase where the cryptocurrency is supported.

B) How can you benefit from using Diem in your daily life?

Diem expects the use of its coins to be permitted for use in all countries where the use of cryptocurrency is allowed, even though certain business-related activities and transactions involving Diem Coins may be subject to regulation.

By charging minimal fees than competitors, using blockchain technology, and keeping the value of the currency more stable, the Diem initiative wishes to provide cost-friendly, improved, and more open access to financial services for all.

Holders of Diem coins can make use of the coins for the everyday purchases of goods and services. Users can also make transfers of Diem coins to other users or even convert the Diem coins into local currency.