Facebook’s Libra Association Changes Name to “Diem”

e_abrams

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The Libra association is changing its name – Libra is no more, welcome Diem. Diem means “day” in Latin – the association seeks for this to be a fresh start before the currency launches in 2021.

Back when Facebook first announced Libra it was supposed to be a stablecoin backed by various currencies globally, but there was massive backlash against this idea. So now Diem will be a single dollar-pegged stablecoin.

The new name is a symbolic gesture signifying the Association’s wish to placate regulators. It also released a statement, according to which the Association remains committed to maintaining the integrity of the financial system.

Frankly, the first thought that popped into my head when I found out about the namechange was “Oh, that’s like the phrase carpe diem!” – which is very apt, given its meaning.