Libra changes its name to Diem

According to a press release issued yesterday, the Libra Association is changing its name to the Diem Association. The change is likely in hopes of [...] https://www.pinterest.com/pin/1085437947660215829/

According to a press release issued yesterday, the Libra Association is changing its name to the Diem Association. The change is likely in hopes of improving Libra's PR. Facebook initially announced its global stablecoin Libra last June. The project has yet to see the light of day due to regulations. Carpe Diem The new name uses the Latin word for "day," best known in the proverb "Carpe diem." "Now transitioning to the name "Diem," which signifies a new project day, the Diem Association will continue its mission to build a secure and compliant payment system that empowers people and businesses around the world." In a statement, the Diem Association revealed its new logo, which retains the purple theme, triple horizontal swirls and font in lowercase. Just last week, the Libra Association announced plans to launch a dollar-linked version of Libra in January. It was a way to appease regulators in the United States, who were uncomfortable about allowing the association full control over the "basket of currencies" proposed by the original project. However, the exact launch date of the currency is not yet known and will depend on when the Association receives approval for the issue from the Swiss financial market regulator (FINMA). Stuart Levey, CEO of the Diem Association, said: "We are excited about the introduction of Diem - a new name that signals the growing maturity and independence of the project." Libra hires people with regulatory experience The Libra Association has struggled to appease regulators over the past 18 months. Today's announcement highlights significantly newly hired employees who, like Levey, have gained experience working for regulators in the United States and elsewhere. Not long ago, we reported that the Libra Association had introduced Saumya Bhavsar as Libra Networks' new general counsel. In September, the Association appointed HSBC veteran James Emmett as managing director. Libra Networks is the entity responsible for operating the blockchain payment system. In July, University of California, Berkeley professor Barry Eichengreen said the stablecoin, Libra, faces too many "unsolvable" problems and too much resistance from governments for it to be launched. Tags diem Facebook libra