The Libra cryptocurrency has changed its name to Diem. The change is part of an effort to show that the project has “organizational independence” in preparation for regulatory approvals ahead of its launch.
The organization behind the project, the Libra Association, will also now be known as the Diem Association. Its currency is to be called the Diem Dollar too, according to Bloomberg.
Libra received a lot of push back after its first announcement. Most of the push back was because of its association with Facebook and its ambitious attempt to usurp the traditional financial institutions. Some major partners stopped supporting the project due to the regulatory hurdles, controversies, and concerns from lawmakers in 2019.
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A House Financial Service Committee hearing in 2019 saw members express significant distrust of Facebook’s involvement in the project. They also repeatedly questioned CEO Mark Zuckerberg regarding the project’s goals.
Diem, formerly known as Libra has now reduced aspects of its operations since that first announcement. Part of them is that the cryptocurrency could debut as a single coin backed by the dollar, according to the Financial Times.
Initially, the cryptocurrency was to be a single coin with the backing of multiple currencies for stability that could be traded in place of them. Later it was to offer multiple coins that would each be backed by a different currency. The coins would act as “a complement to, not a replacement for, domestic currencies,” the organisation said in April 2020.
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