Facebook is renaming its digital currency Libra
Facebook is renaming its digital currency Libra

Facebook renamed its cryptocurrency Libra to Diem on Tuesday. This is a new initiative by the company that confirms the independence of the project and aims to obtain regulatory approval.

Facebook has scaled back its Libra ambitions announced last year. In April, after regulators and the country's central banks raised concerns that the currency would harm financial stability, undermine monetary control, and threaten privacy, Facebook lowered it.

Today (Tuesday) the name change was announced as part of the work to emphasize the ease of access to the currency, said Deem (Stuart Levy), head of digital currencies. He added, "The original name was related to the initial status of the project and did not meet the expectations of the organizers. We have already radically changed the proposal."

Levy added that DEEM (now meaning in Latin) is now mainly looking to start as a digital company with the support of the US dollar. Levy declined to reveal the release date. The Financial Times reported last week that the release date was early January next year, but only said: The release will comply with Swiss Market Watch specifications.

Facebook, which changes the name of its payments division (Calibra) to Novi Financial, is still one of the 27 members of Diem (formerly known as the Libra Association).

Commenting on Facebook's continued participation in the association, Levy said, "He is a very important member of the association." He added, "We do not want to sever all ties. If you change the name, the association will operate independently and independently."

Lim said the purpose of the DEEM code is to distinguish it from other companies by focusing on aspects related to Western regulators and governments, including fines and financial crimes.

He said: The project will focus on formulating anti-money laundering and terrorist financing strategies and compliance with sanctions, and abandoning previous plans to allow everyone to join the currency network.

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