Facebook Cryptocurrency Renamed Diem

Libra, the cryptocurrency backed by Facebook, has been renamed “Diem.” The Diem Association changed its name and strategy to win favor from financial regulators worldwide. Instead of offering one coin, the Diem Association will offer several, which will be tied to different countries.

Stuart Levey, CEO of Diem Association, acknowledged the name change and its representation.

“The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions,” Levey said. “We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.

Levey believes the change is for the better and told Reuters that the rebranding creates a simpler revamped structure.

“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition,” Levey told Reuters.

Facebook is a member of the Diem Association. The Verge rumored that Diem wanted to distance itself from the social media giant. Levey clarifies that’s not the case.

“They are a critically-important member of the association,” said Levey of Diem’s relationship with Facebook. “We are not trying to cut all ties, by any stretch. It is to signify that the association is operating autonomously and independently.”

Levey told Reuters that Diem is different from its competitors because they focus on aspects of concern to regulators and western governments, including sanctions and financial crimes. Levey tells Reuters that another focus is developing anti-money laundering policies, terrorist financing, and sanctions compliance.