Libra changes name to Diem, hoping to leave controversy behind

According to a press release on Tuesday, The Libra Association will change its name to Diem Association.

The change should be in hope Overcoming problems related to Libra public relations. Facebook first announced its global stablecoin Libra in June last year Amid the regulatory turmoil that has since flooded the project. Facebook’s involvement was particularly controversial.

The new name uses Latin for “day”, like in “carpe diem”. The association’s press release on the announcement alludes indirectly the need to change the narrative of the project::

“With the transition to the name ‘Diem’ marking a new day for the project, the Diem Association will now continue its mission of building a secure and compliant payment system that empowers people and businesses around the world.”

Libra changes name to Diem, hoping to leave controversy behind
Libra changes name to Diem, hoping to leave controversy behind

Last week, The Libra Association announced that it plans to launch a dollar-peg version of Libra in January. That was in itself a way to appease regulators in the US. who felt uncomfortable giving the association full control over the “coin basket” proposed by the original project.

Stuart Levey, CEO of the Diem Association, said: “We are very excited to introduce Diem, a new name that indicates the growing maturity and independence of the project.”

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