The project hopes to improve its image with a new name after many regulatory difficulties with the Libra.
The Libra Association is changing its name to Diem Association, according to a press release on Tuesday
This change is probably due to the hope to improve the image. Facebook originally announced its global stablecoin Libra in June last year. This immediately caused a stir among regulators. The project has been under fire ever since. The involvement of Facebook is particularly controversial.
The new name uses the Latin word for day, as in „carpe diem“. The association’s press release after the announcement roughly indicates that the image of the project must be changed:
„Changing the name to ‚Diem‘ is intended to start a metaphorical new day for the project. The Diem Association aims to continue building for a safe, secure, and compliant payment system that supports people and businesses around the world.“
Just last week, the Libra Association announced that it would launch a dollar-pegged version of the Libra in January
With this, the association wants to appease the regulatory authorities in the USA. These opposed the association being given full control over the „currency basket“ originally intended for the project.
Stuart Levey, CEO of the Diem Association , said, „We are excited to introduce Diem. A new name that signals the growing maturity and independence of the project.“