Libra Association decides to rebrands itself into Diem Association after getting a severe reaction from the US regulators. The main goal of rebranding the project is to get a favorable attitude from the regulatory authorities.
On December 1, the crypto project led by the social giant Facebook announces to change its name to Diem Association from Libra Association. The name “Diem” belongs to the Latin language that means “day.” According to the official press release:
“Now transitioning to the name ‘Diem’, which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.”
With a back of 27 companies and firms around the world, it has also made significant changes in the leadership of the Diem Association. As per the new changes, Stuart Levey will serve as a chief executive while Sterling Daines has become the Chief Compliance Officer of the Association. The seats of MD and Chief Financial Officer will be fulfilled by James Emmett and Ian Jenkins, respectively.
According to market observers, it is Facebook who is stopping the crypto project from execution because the US government authorities do not want Facebook to lead the crypto project. This is because it can challenge the supremacy of the US dollar at a global level that may pose a serious threat to the US economy. Some members of the European Commission have also opposed the idea of a stablecoin project from a giant institution known as Facebook.
Even some prominent personalities in the crypto space have rejected the idea of Facebook-led crypto project as it may challenge the decentralized nature of cryptocurrency and undermine its status as a decentralized currency with no manipulation at all.
After rebranding into Diem Association, it wants a fresh start with no pressure from the regulatory institutions.
Recently, the Association has announced that it would launch the US dollar-pegged stablecoin by the start of the new year. It is launching stablecoin that will be backed only by one fiat currency. However, in the start, it announced to roll out a stablecoin pegged by a basket of fiat currencies but the plan has now rescheduled due to regulatory uncertainty around the project.
The new name also represents the independent nature of the product. “We are excited to introduce Diem — a new name that signals the project’s growing maturity and independence,” said Diem Association CEO Stuart Levey.