Facebook’s Libra Association Rebrands to ‘Diem’ as it Prepares for 2021 Launch

By Ibiam Wayas December 02, 2020 In Crypto News

The independent Libra association, which spearheads the development of the Facebook-linked LIbra digital currency, announced Tuesday it is rebranding to “Diem,” as it prepares to launch the US dollar-backed Libra stablecoin next year. The rebranding could be viewed as another move from the organization to gain regulatory clarity for the project which has faced intense scrutiny from global regulators. 

The Diem Project is Gaining Ground

When the social media platform introduced the Libra project, it described plans to launch the digital currency as a multi-currency stablecoin. This initiative was greatly challenged by different regulators of the world, who expressed that Libra might undermine the financial stability of several economies. The regulatory scrutiny of the project led to the departure of many prominent companies who joined the-now Diem Association during the time.

Due to the regulatory issues, the association recently decided to launch the long-planned Libra as a stablecoin backed by a single fiat currency, starting with the US dollar. The stablecoin is expected to launch as early as January, according to the previous report by Crypto News Australia. Separate support for other fiat currency is expected to be announced at a later date. 

A Push for Regulatory Acceptance 

The developments so far are all coming from the association to convince regulators that the Diem project is only aimed at “building a safe, secure and compliant payment system that empowers people and businesses around the world.” With the new name, the association said it’s reinforcing their organizational independence to ensure that the Diem project debuts in full compliance with regulatory expectations.


While commenting on the development today, the CEO at Diem Association, Stuart Levey, said:

“We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.”

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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