Libra cryptocurrency changes name to Diem to distance from Facebook

The Libra cryptocurrency is getting a new name today, Diem, in an effort to show that the project has “organizational independence” as it attempts to get regulatory approvals for launch. The project initially received widespread pushback in part because it emerged out of Facebook and in part because its ambitious aims seemed to threaten traditional government-run financial systems. The independent organization that runs the project, the Libra Association, will now be known as the Diem Association, and Bloomberg reports that its currency will be called the Diem Dollar.

Diem, as it is now known, has shrunk significantly in scope since it was first announced. Major launch partners pulled support in quick succession last year because of its controversial nature and the regulatory hurdles it faced due to concerns from lawmakers. At a House Financial Service Committee hearing last year, Congress members expressed significant distrust of Facebook as they questioned company CEO Mark Zuckerberg about the project’s goals.

The project is now rumored to launch in a much more limited form.

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Source: Libra cryptocurrency changes name to Diem to distance from Facebook – The Verge