The Libra Association, which develops the digital currency of the social network, has rebranded. In this way, the organization seeks to distance itself from the original model, which caused discontent with regulators around the world.
The Libra Association consortium, created by Facebook, changed its name to Diem Association. In this regard, the name of the Libra cryptocurrency, which is to be issued in a limited format in January 2021, has changed to Diem.
Diem. A new name for a new day, when it’s easy, secure, and affordable to send money anywhere.
— Diem Association (@DiemAssociation) December 1, 2020
Together, we’re building a trusted, #innovative financial network for people and businesses around the world.
Come see our work: https://t.co/SKGuO1eagJ pic.twitter.com/grgtUUT3LL
“The original name was associated with an early version of the project that received negative feedback. For this reason, we have drastically changed the direction of development of this project, “- explained the executive director of the consortium, Stuart Levy
The name change should highlight the updated and simplified platform structure. The updated version uses the Latin word diem – “day”. It is used in the catchphrase Carpe diem, which translates as “seize the moment” or “live in the present.”
The organization will issue the Diem stablecoin immediately after receiving a license from the Swiss Financial Market Supervisory Authority (FINMA). Levy did not name the approximate timing of the appearance of the token, however, the Financial Times previously reported that this would happen in January 2021.
