The Libra Association, which is developing a digital currency, has changed its name to the Diem Association.
Diem. A new name for a new day, when it’s easy, secure, and affordable to send money anywhere.
Together, we’re building a trusted, #innovative financial network for people and businesses around the world.
Come see our work: https://t.co/SKGuO1eagJ pic.twitter.com/grgtUUT3LL
— Diem Association (@DiemAssociation) December 1, 2020
The rebranding is likely linked to the organisation’s attempt to distance itself from the original model of a global stablecoin unveiled in June 2019. The publication of the white paper related to Facebook’s digital currency triggered a wave of regulatory outrage around the world.
The name of the updated organisation uses the Latin word diem — “day”. It is used, for example, in the Latin maxim Carpe diem.
By adopting the name Diem, which means a new day for the project, the Diem Association will continue to pursue the mission of creating a safe, reliable and regulation-compliant payment system that expands the opportunities for people and businesses around the world, the press release said.
The organisation plans to launch the Diem stablecoin as soon as it receives clearance from the Swiss Financial Market Supervisory Authority (FINMA). The Diem Association did not specify timing for the appearance of the new payment instrument.
According to Diem Association CEO Stuart Levy, technically the project is ready to issue the coin. However, the developers continue to test various aspects of the new system.
According to Levy, there is as yet no “urgent need” to launch a basket-backed stablecoin. But he does not rule out the possibility in the distant future.
‘In the future we aim to issue other stablecoins pegged to a single currency,’ the head of the Diem Association said. ‘That’s the beauty of programmable money — you can create a multi-currency stablecoin if there are a certain number of its single-currency equivalents.’
According to CoinDesk, the organisation is still discussing with regulators the possibility of pegging tokens to fiat currencies, as well as the scope of use of the new payment instrument.
Earlier ForkLog reported that the European Central Bank saw Libra as a threat to fiat currencies.
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