In an attempt to move away from Facebook, it will be called Diem.
Days after announcing ambitions to release the cryptocurrency Libra in a few weeks, the association of the same name announced that it was changing its name. The decision is aimed at giving more autonomy to the organization and moving it away from Facebook, reports the online edition CoinDesk.
It is renamed to the Diem Association, and its cryptocurrency will be called Diem dollar. The name comes from the Latin word for “day”. The organization has 27 members, and it is making some changes in its management.
Speaking to the publication, the association’s executive director, Stuart Levy, said the change would take effect immediately. With it there are changes in the “white book” of the organization. They remove the “leadership role” of Facebook and the social network remains an equal member like the others, without special privileges.
Levy also says the Diem dollar will comply with international regulations and offer protections to consumers. He added that the organization decided to change the name because Libra was the first version of the project and was difficult to accept, and the new one is “drastically” different.
The organization continues to consult with regulators around the world to add to their requirements. Documents for registration of the Diem dollar in Switzerland have also been submitted, which will open the door for the official launch of the cryptocurrency. However, Levy is not hired when this will happen and says that it depends on the regulator.