Facebook has officially announced it is changing the name of its digital currency, introduced as Libra in 2019, to Diem Association in a bid to correct some errors with the scheme and mitigate conflicts in the cryptocurrency industry.

Facebook says the new name will further capture the currency’s independence while upholding a different approach. It is also how the social media giant is correcting the conflicts that came with launching Libra.

According to CoinTelegraph, The US government had also expressed its dissatisfaction with the launch of Libra. Their concerns were that money launderers and terrorist financiers could misuse the digital currency.

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Avivah Litan, a security and privacy analyst at Gartner, told CoinTelegraph that the name change might not make any changes to the regulators.

“Branding and marketing can make a difference, but astute financial regulators are not going to change their mind because of a name change. Whether Libra or Diem, many will still think Facebook has hidden plans,” Litan said.

Already many regulators say this is not the first name change Facebook is making in the currency scheme. When Libra initially launched, it was to have the backing of some global currencies instead of only the U.S dollars. However, it changed its plans and will now have the backing of a digital version of the US dollar.

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