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Facebook-backed cryptocurrency Libra has been rebranded “Diem” in a renewed effort to achieve regulatory approval by stressing the mission’s independence.
Plans for Libra, first floated by Facebook final 12 months, have been slimmed-down in April after regulators and central banks raised issues it might upend monetary stability, erode management over financial coverage and threaten privateness.
Tuesday’s title swap is a part of a transfer to stress a less complicated, revamped construction, Stuart Levey, CEO of the Geneva-based Diem Association behind the deliberate digital coin, stated.
“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 advised Reuters.
Diem, which implies “day” in Latin, now goals to initially launch a single dollar-backed digital coin, he added.
He declined to touch upon timing for the launch, which the Financial Times reported final week might be as early as January, saying solely that it could solely go forward after approval by the Swiss markets watchdog.
Facebook, which modified the title of its funds unit Calibra to Novi Financial in May, stays one in every of 27 members of the Diem Association, previously the Libra Association. Novi’s head, David Marcus, is one in every of Diem’s 5 board members.
“They are a critically-important member of the association,” stated Levey of Facebook’s persevering with involvement.
“We are not trying to cut all ties, by any stretch. It (the name change) is to signify that the association is operating autonomously and independently,” he added.
Diem goals to set itself other than others by its deal with features of concern to regulators and western governments, together with sanction controls and monetary crime, Levey stated.
The mission has stated it could develop insurance policies on anti-money laundering, terrorist financing and sanctions compliance and has ditched earlier plans to permit anybody to hitch its community.
© Thomson Reuters 2020
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