According to the Bloomberg report, the cryptocurrency project backed by Facebook that drew regulatory blowback worldwide is hoping a new name offers a new chance to win over regulators and gain a foothold in the emerging market. Libra Association has decided to rebrand the organization to Diem Association. The Diem Association (Diem means day in Latin) will have its subsidiary called Diem Networks to serve as the payment system operator. It’s readying a currency that will be called the Diem Dollar.
“We wanted a new start.”
The group’s chief executive officer, Stuart Levey, said in an interview that “We like the connotation of it kind of being a new day for the project.” He added that they wanted a new start. In making the name change, the Swiss-based organization said its goal is still to build a safe, secure, and compliant payment system. The organization said in the statement, “the Diem Association will continue to pursue a mission of building a safe, secure, and compliant payment system that empowers people and businesses around the world.”
Libra is expected to be launched early next year.
As reported earlier, the long-awaited stablecoin Libra could finally see the light of day as soon as early 2021. After facing scrutiny from global financial regulators for more than a year, Libra will finally launch in the form of a United States dollar-backed digital currency. Citing three people involved in the stablecoin project, the Financial Times reported that the Libra Association plans will eventually add more fiat currencies to the basket of assets that would back Libra’s value. The exact launch date is still unknown, but it would depend on when the Libra Association receives regulatory approval from the Swiss Financial Market Supervisory Authority.