Libra Association Changes Name to Diem Association

The independent organization that runs the project, the Libra Association, has rebranded to Diem Association in anticipation of the 2021 launch.

December 1, 2020 | AtoZ Markets – The Libra Association, which develops the digital currency, has changed its name to Diem Association. Diem is a Latin term for “day”.

Libra Association rebrands to ‘Diem’ in anticipation of 2021 launch

The rebranding is likely related to the organization’s desire to distance itself from the original global stablecoin model unveiled in June 2019. The publication of a white paper related to Facebook’s digital currency then received criticism from many regulators around the world.

“Moving to the name Diem, which marks a new day for the project, the Diem Association will continue to pursue its mission to create a secure, reliable and compliant payment system that empowers people and businesses around the world,” the press release said.

The organization intends to launch Diem stablecoin immediately after receiving permission from the Swiss Financial Market Supervisory Authority (FINMA). The Diem Association did not name the approximate dates for the appearance of the new means of payment.

Read also: G7 Urges Regulation of Facebook Libra Before Launch

According to Stuart Levy, CEO of Diem Association, the project is technically ready to issue the coin. However, developers continue to test various aspects of the new system.

According to Levy, there is no “urgent need” to launch a stablecoin based on a basket of assets. But he does not rule out this possibility in the distant future.

“We will strive to issue other stablecoins pegged to one currency in the future,” the head of the Diem Association shared his plans. “This is the beauty of programmable money – you can create a multicurrency stablecoin if there is a certain number of its single-currency counterparts.”

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