Libra Association Rebrands to Diem Association to Avoid Regulatory Uncertainty

Amid legal battle with the US authorities, the Libra Association has now rebranded itself into Diem Association. The name may wipe out the doubts and misconceptions about the Facebook-led crypto project.

Derived from Latin Word

It was last year when the social giant Facebook decided to launch its crypto project known as Libra. But after the launch, it faced many difficulties due to the harsh attitude of the US government. Many founding members of the Libra Association left it in a fear of the project’s failure due to regulatory chaos around it.

The new name Diem has taken from the Latin language known as “carpe diem.” According to Diem Association’s press release:

“Now transitioning to the name ‘Diem’, which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.”

As reported in the last week that the Libra Association would launch a stablecoin pegged by the US dollar by the start of the new year. In the start, it planned to roll out a stablecoin backed by a basket of fiat currencies but now, it is launching only the US dollar-pegged stablecoin. “We are excited to introduce Diem — a new name that signals the project’s growing maturity and independence,” said Stuart Levey, CEO of Diem Association.

It rebrands itself into a new name because the Association became a target of regulators and faced a harsh reaction. In order to remove the difficult history of the Libra Association, it has decided to take a fresh name.

“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 said.  What’s more, it has made sure by changing the name that it is “operating autonomously and independently.”

The Association is also trying to create an image that it is now working independently rather than operating under the social giant Facebook. The project faced a harsh wave of the legal fight due to its link with Facebook.

The chief executive further reiterates that it will compliant itself to all rules and regulations necessary to stop anti-money laundering activities and other terrorism financing actions. All in all, it will strive to create an entity that can become a favorite entity of regulatory institutions in terms of compliance.

Leave a Reply

Your email address will not be published.

Related

ECB’s President, Christine Lagarde, Says Crypto Assets Have No Worth

In an interview, Christine Lagarde, the head of the European Central Bank, made it quite plain where she stands concerning the value of digital assets. Head Of ECB Label Cryptos As Worthless According to a survey by Politico, the head of the ECB noted her position on crypto. The ECB head stated that digital assets […]

UK Regulators are Investigating Terra’s Fiasco and Considering Crypto Rules

UK cryptocurrency market regulators are currently investigating Terra’s plunge. It began amid the recent cryptocurrency market massacre. The leading cryptocurrency in the market, BTC, fell as low as $26,000 during the market downturn. At the same time, Terra fell by about 100%. Terra’s Meltdown Under Investigation as UK regulators Consider New Crypto Rules While regulators […]

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]

Crypto Investors Suffer from Lingering Fears

The Situation at Hand The drastic drop and decline that befell the digital asset market last few weeks have left a mark on the users and investors of crypto, with crypto coins and other assets experiencing their lowest of lows and even stablecoins being affected, it’s no surprise that both old and new investor is […]