The overwhelmingly increasing regulatory pressure has led the famous social media giant Facebook’s Libra Association to rebrand itself. Now, the Libra Association will be known as the Diem Association and the name of its proposed stablecoin project Libra has been changed to Diem. Libra Association has taken this step in a bid to tackle regulatory issues as the regulatory scrutiny by the authorities over this cryptocurrency project has increased over recent time.
Moving From Libra to Diem
As Libra Association is planning the launch of its first stablecoin at the beginning of the next year, it has made a move to change its name to Diem in an attempt to decrease the regulatory pressure. This effort shows that the association does not want regulatory authorities to cause any hurdle in the launch of the stablecoin as it has already faced enough barriers throughout the time since the day this project was proposed.
While talking about this decision, the head of the Diem Association says that the renaming of the project is a part of its effort for pleasing regulatory authorities so that they may consider approving this project. Adding more to it, the Chief Executive Officer (CEO) of Diem Association Stuart Levey said:
“I think regulatory stakeholders really are welcoming a more autonomous association. They want to see an association strong enough to make its own decisions and have a leadership team that is capable of directing the project. It is in part for that reason we decided to change the name, to move from Libra to Diem.”
Levey further shed a light on this effort and said that it has been made in a bid to distance the stablecoin project from the social media platform Facebook. This will help them in clearing the regulatory uncertainty revolving around the project.
As per an announcement made recently, the decision was made by a group of 27 members. Facebook is one of these members. The newly-introduced name Diem is a Latin word that means “day”.
Moreover, the Diem Association has also made some changes to its previous logo of Libra. The newly-introduced logo of Diem now includes the purple theme.
Diem Association Is Preparing for the Launch of the First Stablecoin
A few days ago, the now-called Diem Association announced that it will roll out the launch of the first stablecoin by January 2021. The project association plans to launch a United States Dollar (USD)-pegged stablecoin initially. However, it has said that it will be adding more fiat currencies as well.