Diem Is the New Libra
The Diem Association (formerly the Libra Association) announced the transition to a new name in a press release on Diem’s Updates page. Diem means “day” in Latin, and represents “a new day for the project.”
Facebook originally started this cryptocurrency project in June 2019, but it failed to take off. Many regulators expressed concerns over the cryptocurrency, especially since Facebook was the driving force behind it. Payment processors subsequently withdrew support for the controversial project, which nearly squashed it.
Now, Diem is hoping to make a comeback. The cryptocurrency aims to get regulatory approval, and is operating in a much more simplified form. Diem also hopes that the new name will highlight its “organizational independence.”
Stuart Levey, the Diem Association’s CEO, commented on the goals of the project, stating:
Although the Libra currency was originally supposed to be a coin backed by several different currencies, an article by the Financial Times reports that the revamped cryptocurrency may be backed by the US dollar.
When Is the Diem Currency’s Launch Date?
There’s no word on when (or if) the Diem cryptocurrency will officially launch. It has to get past regulators first, which will be a challenge of its own.
