The Libra Association which is comprised of no less than 27 firms and co-founded by Facebook annouced on Tuesday that it was changing its name from Libra to ‘Diem’.
It is believed that the association’s adoption of the Latin word for ‘day’ ( Diem ) as a new identity is in an attempt to show “organizational independence”, as well as to distance itself from the original project which saw a difficult reception from regulators globally.
Part of the reason for the widespread criticism at (now former Libra) its initial launch in 2021 was because it was a product of Facebook, with regulators raising concerns on the company’s integrity possibly with regards to privacy. Others include the demand for regulatory oversight and the threat to traditional government-run financial systems.
The association will now be known as the Diem Association and its currency will reportedly be called ‘Diem Dollar’. While the project has evolved in scope since its initial unveiling, it still uses a blockchain in its operations.
We think that there are technological and governance advantages from having a blockchain. It permits innovation and collaboration in the open source space that we think adds real potential to the overall project, it adds collaboration and innovation and frankly one of the things I love about it is there’ll be use cases developed and innovations that we at the Diem, Libra Association would never have thought of ourselves,
-Diem CEO Stuart Levey
Diem has also concluded setting up its leadership team with its most recent roster including Dahlia Malkhi as chief technology officer, Christy Clark as chief of staff and Steve Bunnel as chief legal officer.
As the 2021 launch of the dollar-pegged stablecoin (Diem dollar) draws nearer, Diem’s leadership is making attempts to ensure that this time, it’d receive less backlash from regulators.