On Dec. 1, 2020, the Libra Association carried out rebranding and changed its name to the Diem Association. Many believe that this way, the project aims to distance itself from initial modelling of Facebook’s payment system.
This move should emphasize an updated and simplified structure of the platform as well as denote its “organizational independence.” The new name comes from a Latin word “day,” which is used in a famous saying “carpe diem” meaning “seize the moment.”
Thus, the Diem effort apparently symbolizes a fresh chance to save the initiative from regulatory pressure.
Speaking with Reuters, the Diem Association CEO Stewart Levey specified that “the original name was tied to an early iteration of the project that received a difficult reception from regulators.”
He also added that the organization is preparing to launch a single dollar-backed digital currency called the Diem Dollar. However, the launch day is yet unknown. The Diem Association is still waiting for the Swiss regulator FINMA’s approval to go ahead.
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https://beincrypto.com/libra-diem-is-getting-back-on-track-for-2021/