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October 2, 2022
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Libra changes its name to Diem |

According to a press release released yesterday, Libra Association is changing its name to Diem Association. This change is likely in the hope of improving Libra’s PR. Facebook initially announced its global stablecoin Libra in June last year. The project has not yet seen the light of day due to regulations.

Carpe Diem

The new name uses the Latin word “day”, best known in the proverb “Carpe diem.”

“Now moving on to the name” Diem “, which signifies the new day of the project, the Diem Association will continue its mission of building a secure and compliant payment system that it gives people and businesses around the world.”

In its statement, the Diem Association revealed its new logo, which retained the purple motif, the triple horizontal swirls and the lowercase font.

Just last week, the Libra Association announced that it intends to launch a dollar-linked version of Libra in January. It was a way to reassure US regulators who were embarrassed to allow the association full control of the “basket of currencies” proposed by the original draft. However, the exact date of currency launch is not known yet and will depend on when the Association receives approval for the issue from the Swiss financial market regulator (FINMA).

Stuart Levey, CEO of Diem, said:

“We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.”

Libra employs people with regulatory experience

Libra has had problems calming down regulators over the past 18 months. Today’s announcement highlights significantly new hires who, like Levey, have gained experience working with regulators in the United States and elsewhere.

Not long ago, we reported that the Libra Association introduced Saumya Bhavsar as the new chief advisor to Libra Networks. 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 stated that stablecoin Libra faces too many “unsolvable” problems and too much resistance from governments to get started.

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