March 8, 2021

Facebook's cryptocurrency has changed its name

The Libra Association, which develops the social network's digital currency, has rebranded it.So The organization is seeking to distance itself from the model that has angered regulators around the world.

The Libra Association consortium, created by Facebook, changed its name to Diem Association.In this regard, the name of the cryptocurrency Libra, which is to be released in a limited format in January 2021, has changed to Diem.

"The original name was associated with an early version of the project that received negative feedback.For this reason, we have dramatically changed the direction of this project," explained the Executive DirectorStuartLevy, writes Reuters.

The name change should emphasize the updated and simplified structure of the platform.It is used in the winged expression Carpe diem, which translates as "catch the moment" or "live the present."

The organization will issue a Dealcoin Diem as soon as it receives a license from the Swiss Financial Market Supervision Authority (FINMA).Levy did not give an estimated timeline for the token, but the Financial Times previously reported that it would happenJanuary 2021.