Facebook's Controversial Cryptocurrency Has Been Renamed "Diem"

Facebook has renamed its digital currency Libra, Diem to reintroduce institutional autonomy, in order to obtain regulatory approval for the project.

The new name is a Latin word meaning day, according to a statement issued by the agency.

The name reflects the project's awareness and autonomy, said Stuart Levy, CEO of the Dime Association.

It is not clear how the new name reflects the autonomy of the project.

It may be recalled that Facebook announced its digital currency Libra in June last year, but there were several hurdles in offering it to the users.

Last week, the Financial Times reported that Facebook was introducing the project in January 2021, but that it was more limited than before.

Libra was to be introduced by Facebook in the form of several digital coins representing different currencies such as the US dollar, while a single coin would be considered a combination of all currencies.

But now Facebook is offering a digital currency in US dollars and other currencies will be part of this project at some point later.

It's not basically Facebook's cryptocurrency, but it's a project of the Diem Association, of which Facebook is a co-founder and formerly called the Libra Association.

The association will act as a financial authority and the project aims to help billions of people develop.

Facebook is more interested in digital cash, and the company's founder Mark Zuckerberg has said in the past that it will be easier in the near future to post online, like sending a photo.

Diem is designed for the same purpose to help people transfer money online while its popularity will also increase the number of Facebook users.

But Mark Zuckerberg acknowledged that the use of cryptocurrencies by people would also benefit Facebook because it would be able to use ads more.

DIM has several members and Facebook is one of them. Each member has one vote in the association and is headquartered in Switzerland.

Several founding members of the association have so far withdrawn from the project, including PayPal, eBay, Strap, Visa and MasterCard.

The association currently has a total of 27 members.

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