The Libra Association has changed its name to the Diem Association to signal a new phase in its development.
The Libra Association was initially proposed and created by Facebook. Although there are other companies involved in the association, it is most closely associated with Facebook—a point that has proved a bit of a hinderance to the fledgling platform. Many lawmakers around the world were concerned with the possibility of giving Facebook even more access into people’s financial lives.
A year ago, these concerns contributed to a number of high-profile members of the association reconsidering their involvement. It also led to the creation of OpenLibra, “an open platform for financial inclusion. Not run by Facebook.” Facebook eventually began considering currency-backed options in an effort to help win regulatory approval.
Libra has taken the next step by renaming itself to the Diem Association, with the currency being called Diem as well. Latin for “day,” the name change to Diem signals a new day for the cryptocurrency project.
“The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions,” said Stuart Levey, the Diem Association’s CEO. “We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.”
The association is moving full speed ahead with its plans to gain regulatory approval, and the name reflects input from those efforts.
“The evolution of the project results from constructive ongoing engagement with governments, regulators and other key stakeholders,” said Levey
It remains to be seen if the currency will gain widespread backing and support, although the name change may help give it the boost it needs.