Digital currency Libra is now called Diem

The digital currency Libra conceived by Facebook is getting a new name. The renaming to “Diem” (“day” in Latin) should symbolize a “new day for the project”, announced the organization for the management of the crypto currency on Tuesday. The world’s largest social network had developed digital money, but then left control to the organization based in Switzerland. The project, presented in June 2019, met with massive resistance from governments and regulators and has still not started.

The new name signals “the growing maturity and independence of the project,” said Diem CEO Stuart Levey according to press release. The Swiss financial regulator Finma is currently still pending a license as a payment system, which the consortium behind Diem is trying to obtain. Without them you don’t want to come onto the market. Compared to the Coindesk specialist service explained Leveythat you are technically ready to go.

Previously, according to a report, it had been said that a possible start of digital money could take place in January. Initially, only a version of the libras should come out that is tied to the US dollar.

Last spring, in view of the pressure, there were already radical changes to the concept. It was originally planned that Libra would be hedged with a basket of different currencies and government bonds. In the meantime there should be Libra units that are firmly linked to individual national currencies. In addition, the measures against money laundering and terrorist financing have been improved.

Facebook had already renamed its digital wallet for the crypto currency. The so-called wallet is now called Novi. The previous wallet brand Calibra was very close to the name Libra, according to the change in May. The online network emphasizes that it is now only one of the members of the Libra Association with the same rights as all other partners.

The wallets are the digital purses through which consumers should use the Libra currency. Different providers will be able to present them. According to previous plans, however, only the in-house wallet should be able to be used in Facebook services such as WhatsApp and Messenger.


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