Facebook's Libra Currency Changed its Name to Diem

by in DeFi News

Libra becomes Diem

Before the suggested launch of its dollar-pegged stablecoin, the Libra Association has changed its name to the Diem Association.

Related: Libra Plans to Launch in January

According to Reuters, the remodeling can be beneficial while getting regulatory verifications for the expected Diem stablecoin as it highlights the self-sufficiency of the outline and corporation.

From the time Facebook disclosed the idea of its own digital asset Libra, regulators have had doubts that the undertaking could damage economic stability and reduce traditional control over management.

The new name is supposed to help people around the world make safe and reliable cash trading which is trackable. Libra Association CEO Stuart Levey mentioned that Facebook itself isn't a part of the governing association, despite its subsidiary Novi (previously Calibra) is.

The main intent of the Diem Association presently is to get crypto approval from authorities. Initially, Libra planned to launch within the first half of 2020, but the regulatory problems ruined the plans. Now the company is set to launch its stablecoin "Diem dollar" when it gets a license from the Swiss Financial Market Supervisory Authority.