Facebook-backed Libra Association announced the change of name of their cryptocurrency from Libra to Diem in a bid to prove the organization’s independence from Facebook and get the approval of regulatory bodies ahead of their launch in January 2021.
Earlier announcements by the Libra associations were received with great skepticism and fear of a significant disruption in global financial systems, potential risks of money laundering, and stiff competition with global leading currencies.
The name of the group was also changed to Diem Association with a subsidiary, Diem network as the payment service provider for their proposed currency, the Diem Dollar.
Diem currency provides currency holders with market stability unlike already existing cryptocurrencies and is aimed at providing easier money transfer between individuals and businesses around the world.