Libra Association changed the name to Diem Association

The Libra Association digital currency has changed its name to Diem Association.

Diem. A New Name for a New Day, When It’s Easy, Secure, and Affordable to Send Money Anywhere.

Together, We’re Building a Trusted, #innovative Financial Network for People and Businesses Around the World.

Come See OUR WORK: https: // t.Co/SKGUO1EAGJ Pic.Twitter.COM/GRGTUUUT3LL

– Diem Association (@diemassociation) December 1, 2020

Rebranding is likely to be related to the desire to distance himself from the original model of global stablecoin, presented in June 2019. The publication of White Paper associated with Facebook of the digital currency then caused a wave of indignation of many regulators around the world.

The name of the updated organization uses the Latin word Diem – “Day”. It is used, for example, in the winged expression of Carpe Diem.

“Turning to the name“ Diem ”, meaning a new day for the project, Diem Association will continue to follow the mission to create a safe, reliable and complies with the regulatory requirements of the payment system, expanding the capabilities of people and enterprises around the world,” the press release said.

The organization intends to release DIEM stablecoin immediately after receiving permission from managing the supervision of the operations of the financial https://gagarin.news/ market of Switzerland (FINMA). The estimated deadlines for the appearance of the new payment fund Diem Association did not name.

According to CEO Diem Association Stuart Levy, the project is technically ready to produce a coin. However, developers continue to test various aspects of the new system.

According to Levy, there is no “urgent need” of the launch of stablecoin based on the basket of assets. But he does not exclude this possibility in the distant future.

“We will strive in the future to release other stablecoins tied to one currency,” the head of Diem Association shared his plans. – This is the charm of programmable money – you can create a multi -native steablecoin, if there is a certain amount of its downtime analogues “.

According to Coindesk, the organization still discusses with regulators the possibility of binding tokens to fiat currencies, as well as the breadth of the use of a new payment agent.

FORKLOG previously reported that the European Central Bank saw in Libra a threat of fiat currencies.

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